...SOLCAP regional bank-focused tax equity fund closes first solar portfolio with Pine Gate | Solar Builder
 

SOLCAP regional bank-focused tax equity fund closes first solar portfolio with Pine Gate

Street hand shake

KeyState Renewables, LLC and Corner Power, LLC launched SOLCAP I LLC, a solar tax equity fund for community and regional bank investors in Q4 2019. The fund had its initial closing on February 6, 2020 and will remain open to additional tax equity investors until mid-March 2020.

SOLCAP also announced the closing of its financing of Pine Gate Renewables’ (PGR) Twelfth Solar Portfolio on Feb. 12, 2020. PGR’s portfolio consists of 6 solar projects currently under construction in rural Oregon and South Carolina. The 6 solar projects represent over $30 million of infrastructure investment with a combined aggregate capacity of nearly 20 megawatts (MWs). The projects will produce enough energy to power over 3,600 homes.

PGR and SOLCAP will jointly own the portfolio of projects, and PGR will add these 6 projects to its 350+ MWs of operational sites under management across the country. SOLCAP was represented by Kutak Rock LLP and PGR was represented by Stoel Rives LLP. Founded in 1991, KeyState serves over 150 community banks across the country. Based in Las Vegas, NV, KeyState has additional offices in Wilmington, DE and Burlington, VT. Corner Power’s team of seasoned solar energy professionals has been engaged in the development, financing (tax equity and debt) and fund management of distributed generation solar projects for over 12 years and is based in New York with offices in San Francisco.

Public Welfare factor

SOLCAP provides community banks with a vehicle to invest in renewable energy projects that also
qualify as “Public Welfare Investments” (PWIs). PWIs are investments that primarily benefit low and moderate-income individuals or areas, or other areas targeted by a government entity for redevelopment. SOLCAP is pleased to provide a unique platform for banks to make equity investments in renewable energy projects in those designated areas.

“SOLCAP and its community bank investors are committed to financing renewable energy projects that enhance and support their communities. We launched SOLCAP to provide an efficient and scalable solution for community banks to invest in renewable energy projects,” said Josh Miller, CEO of KeyState Renewables. “We are proud to partner with Pine Gate Renewables, a leader in the solar development industry focused on utility-scale projects that have a meaningful impact in their communities.”

“Pine Gate’s mission is to bring low cost and clean energy to the markets we serve,” said Ray Shem, Pine Gate’s Chief Financial Officer. “We are excited to partner with SOLCAP to continue our goal of ‘Getting Solar Done’ and look forward to partnering with them on future projects.”

Have you checked out our YouTube page?

We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.

Our longer running side project is The Pitch -- in which we have awkward discussions with solar manufacturers and suppliers about their new technology and ideas so that you don't have to. We've discusses everything from residential rail-less deck attaching and home solar financing to large-scale energy storage value stacking and utility-driven new home solar + storage microgrids.

We also post our Project of the Year announcements there! Interviews with this year's winners will be up starting the week of Nov. 8. Head there and subscribe today to stay on top of all this extra stuff.

Tags: , , ,

Comments are closed here.