Solar development is land and capital intensive and is often time consuming and difficult for solar developers to unlock the value of the solar land in their portfolio. This means, creativity is sometimes in order, like this latest concept from solar real estate investment fund SolaREIT.
SolaREIT purchased a portfolio of land assets underneath solar projects from TPE Development LandCo, a land holdings business that directly supports TurningPoint Energy’s community solar development business nationally. The solar assets have been developed to various stages, from construction ready to fully operating projects over the prior five years. The deal involves more than 350 acres of land across five solar projects in Virginia, Rhode Island, and Maine.
“We’re excited to work with TurningPoint Energy on these projects. Solar projects require significant land and capital – we’re committed to partnering with developers to offer solutions that reduce project complexity while freeing up capital so developers can focus on what they do best — developing solar projects,” said Laura Pagliarulo, President of SolaREIT.
SolaREIT, which launched in late 2020, partners with solar developers and landowners, offering flexible capital solutions that provide a range of options for taking advantage of solar development on their land.
Earlier this year, SolaREIT announced their “Pre-Paid Solar Land Lease” allowing solar developers to provide landowners with up-front payment for up to 30-years of lease payments.