Renewable Properties, a developer and investor in small-scale utility and community solar projects, announced the closing of its Fund 8 portfolio with two financing partners, Nelnet Renewable Energy and AB CarVal. Fund 8 consists of nearly 30 MW of community solar projects in California and New York.
The financing partners have supported Renewable Properties’ local renewable energy projects in 15 states across the U.S. by continuing to commit additional capital.
In addition to supporting renewable energy projects, funds managed by project lender AB CarVal, an alternative investment manager, invested $60 million to support the expansion of Renewable Properties’ portfolio. The capital allowed Renewable Properties to further develop its existing community solar pipeline, expand development efforts into new and existing markets, and secure new project opportunities and acquisitions.
Fund 8 is Renewable Properties’ fourth tax equity fund partnership with Nelnet, a tax equity partner that also has a solar engineering, procurement, and construction business. Totaling nearly 30 MW, the projects are expected to produce enough energy to power 4,438 homes per year and offset 35,246 tons of carbon dioxide per year.
The California projects total 11.5 MW and are located in Madera County, with the Avenue 26 Solar Phase I & II projects expected to commence construction in Q2 2023 and completed by the end of the year. The company reports the projects are expected to produce enough energy to power 2,004 homes per year and offset 15,910 tons of CO2 per year.
The California projects are part of the state’s Disadvantaged Communities Green Tariff program, which is designed to promote community solar in disadvantaged communities as identified by CalEnviroScreen, a mapping tool that helps identify California communities that are most affected by pollution. The tool uses environmental, health, and socioeconomic information to produce scores for every census tract in the state, and the scores are mapped so that different communities can be compared.
Fund 8’s New York projects are in various stages of development. The Slayton Settlement Solar A and Slayton Settlement Solar B projects in Lockport, N.Y. began construction at the end of 2022 and are expected to be online in October this year. Two projects in Batavia, N.Y. will begin construction by May 2023 and are expected to be finished by the end of the year. The third project, Clemons Road Solar, is located in Minoa, N.Y. and will commence construction in April and is expected to be operational by the end of the year. Combined, the 18.4 MW from New York projects are expected to produce enough energy per year to power 2434 homes and offset 19,336 tons of CO2.
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar and energy storage projects. The company currently has over 700 MW of solar under development with just over 115 MW in construction or operation. In December 2022, the company announced the expansion of its Maine portfolio with a third tranche of projects acquired from NextGrid, bringing its total Maine portfolio to over 42 MW of community solar projects in various stages of development, construction, and operation.
Prior to Renewable Properties, founder and president Aaron Halimi was Senior Vice President of solar at Gardner Capital, and before that worked at Borrego Solar and in various real estate roles, as a licensed CA Real Estate Broker and LEED Accredited Professional.
Renewable Properties has also acquired over 100 MW that is either under construction or in operation.
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