Renewable Properties adds 10 solar projects to Pa. footprint | Projects Weekly
Yesterday may have been Labor Day in the United States, but the solar industry didn’t take the day off. Our latest Projects Weekly highlights several new projects, acquisitions and financing wins. We start off with Renewable Properties adding 38 MW of solar projects in Pennsylvania, plus the Navajo Transitional Energy Company (NTEC) completed its first of 125 home solar installations on the Navajo Nation, TWAICE has formed a three-year partnership with Fullmark Energy to support energy storage California, Fermi America closed on $350 million in financing for its massive HyperGrid project in Texas, and DSD Renewables secured $238 million to support 233 MW of operational projects in 12 states and Washington, D.C. Read on for all the deets!
Renewable Properties acquisition adds 10 solar projects to Pennsylvania footprint
Renewable Properties has acquired a portfolio of 10 net energy metered (NEM) ground-mounted projects from Prospect14, a Pennsylvania-based solar energy developer. The projects in the Goldenrod Portfolio are located in the Pennsylvania counties of Clearfield, Centre, Greene, Berks, Juniata, Snyder, and Columbia.
“Renewable Properties is pleased to partner with Prospect14 on this acquisition as part of our ongoing commitment to advance renewable energy in Pennsylvania and across the U.S.,” said Aaron Halimi, founder and president of Renewable Properties. “Distributed solar projects like these provide local environmental benefits as well as creating local jobs, generating local tax revenue, and strengthening distribution grid reliability.”
Cool factor: Already in the early to middle stages of development, the projects are expected to be completed in 2027. The projects range in size from 3.51 MWdc to 4.2 MWdc, for a total of 38.13 MWdc, joining Renewable Properties’ growing pipeline of more than 1.5 GW of solar and energy storage projects under development.
“The acquisition of this portfolio reinforces the growing demand for distributed solar generation in Pennsylvania and the ability to finance NEM solar projects,” said Brendan Neagle, president of Prospect14. “We are proud to work with Renewable Properties to make the benefits of distributed solar a reality in our home state. We look forward to our continued partnership with Renewable Properties and other transactions in Pennsylvania and beyond.”
First federally subsidized home solar installations completed on Navajo Nation
The Navajo Transitional Energy Co. (NTEC) has completed the first of 125 federally funded home solar installations on the Navajo Nation, which encompasses parts of Arizona, New Mexico and Utah. Funded by NTEC and a grant from the U.S. Department of Energy Office of Clean Energy Demonstrations (OCED), the installation took place on a remote hogan in the Oljato Chapter of the Navajo Nation, near Monument Valley.
“Solar power is like a wellspring of hope in a dry desert,” said Oljato Chapter President Willis Begay. “Just as a spring offers life-sustaining water to those who have been parched, electricity invigorates individuals’ lives, helping them thrive rather than merely survive in challenging conditions.”
More than 13,000 homes on the Navajo Nation are currently not connected to the electric grid, which limits access to adequate water, refrigeration, cooling, and connectivity. Programs like NTEC’s Navajo Sun Power! provides Navajo homes with solar power that electrify Navajo homes and make them eligible for other critical upgrades and public services.
Cool factor: The new solar systems will be added to some of the most remote homes on the Navajo Nation, homes which are not anticipated to get electricity or connected to the grid for at least the next 3 to 5 years. These types of programs dramatically improve the lives of Navajo families that benefit from them.
Begay noted that “for community members with diabetes, refrigeration is paramount. Access to a reliable power source enables the proper storage of insulin and other medications that must be kept cool, allowing individuals to maintain their health at home rather than depending on relatives for life-saving medicines.”
Navajo Sun Power! began in 2020 and has already installed 35 solar systems, worth approximately $850,000 on homes on the Navajo Nation. NTEC recently expanded the program to add 125 homes (25 per Navajo agency). In May 2024, OCED awarded NTEC $2.6 million to support 75 installations over the next five years. NTEC will cover the cost of the remaining systems. It expects to complete 25 installations beginning with the Western Agency this year, and 25 each year thereafter. The OCED grant and NTEC cover 100% of the cost of the solar panel system and batteries, system installation including any minor electrical work necessary for the home to meet Navajo Nation electrical safety codes, and education in the operation and maintenance of the system.
TWAICE partners with Fullmark to power 290 MWh of battery storage in CAISO Market
TWAICE, a leading provider of predictive analytics software for battery energy storage systems (BESS), has formed a three-year partnership with Fullmark Energy for its Battery Storage Analytics platform to support four energy storage installations operated by the independent power producer (IPP). The Southern California sites will have a total capacity of 290 MWh when complete. This new partnership adds to a growing portfolio of large-scale storage assets operated with TWAICE analytics across CAISO and other major U.S. markets.
Fullmark is currently using TWAICE Battery Storage Analytics at their 20MW / 80 MWh Johanna BESS facility in Santa Ana, California. They will connect TWAICE to three additional sites — ranging from 40 MWh to 130 MWh — as they become commercially operational.
“Fullmark’s Southern California projects will play a vital role in ensuring grid reliability for the state,” said Lennart Hinrichs, executive VP and GM Americas at TWAICE. “Our analytics enables Fullmark to run at peak performance while staying fully compliant with CAISO standards.”
Cool factor: TWAICE Battery Storage Analytics turns raw data from Fullmark’s storage systems into actionable insights for engineers and asset managers. Instead of reconciling data from multiple systems and manually chasing down performance issues, teams get accurate state of charge (SoC) calculations, fleetwide monitoring, and clear recommendations, including pinpointing the causes of stranded energy to boost availability and revenue.
“Gathering and analyzing the data needed to truly understand our energy storage assets is a significant undertaking,” said Chris Swanson, director of performance engineering at Fullmark Energy. “With TWAICE, one person can manage an entire BESS while meeting CAISO power delivery requirements with an accurate SoC.”
These intuitive insights make it possible for even lean teams to manage complex storage portfolios, streamline reporting, and ensure compliance with power delivery requirements.
Fermi America closes on $350 million in financing for HyperGrid project in Texas
Fermi America has secured $350 million in financing to support the company’s development of the world’s largest, behind-the-meter artificial intelligence private grid campus — dubbed the “HyperGrid Project.” The facility is being developed in partnership with the Texas Tech University System.
Fermi closed on $100 million Series C preferred equity financing round led by Macquarie Group, alongside the establishment of a $250 million senior loan facility, funded solely by Macquarie’s Commodities and Global Markets business, with $100 million drawn at close.
Cool factor: This financing marks a major milestone for Fermi America as it accelerates the velocity of execution of the HyperGrid Project, including securing long-lead supply chain assets, critical for America’s success in the AI race.
“Macquarie’s leadership in both our Series C and senior loan facility underscores their conviction that our speed of execution is based on our team’s experience in real-time power generation and construction,” said Fermi America cofounder and CEO Toby Neugebauer. “Like generations of entrepreneurs and workforces before us from this very region, we are delivering on energy promises made so that America can win again.”
The Series C equity round and senior loan facility provide a strong foundation for Fermi America to continue locking up global long-lead time items, adding subject matter experts and executers to the Fermi team, and constructing phase one of the HyperGrid Project.
DSD secures $238 million in financing for 233 MW of solar energy
DSD Renewables has closed on $238 million in long-term financing from First Citizens Bank, Mitsubishi UFJ Financial Group (MUFG), and Nomura to support 233 MW of operational distributed generation solar and solar plus storage projects in 12 states and Washington, D.C.
The portfolios include 188 projects in operation across California, Connecticut, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Ohio, Pennsylvania, Virginia, and Washington, D.C. They feature a mix of ground-mount, rooftop, and canopy systems, with approximately 127 MW designated as community solar and three that incorporate battery storage to enhance grid resilience.
Cool factor: A five-year mini-perm facility provides a longer-duration vehicle for five of DSD’s multi-asset portfolios. Proceeds were used to refinance warehouse debt with a structure tailored to the performance profile of the assets. Like an ABS, the structure leverages cash flow during the renewal period, but is still as flexible as a mini-perm loan based on debt coverage.
“This transaction marks an evolution in the market for distributed generation lending that acknowledges the captive nature of behind-the-meter assets that are linked to a stable, retail rate,” said Karin Logan, Chief Investment Officer of DSD. “We are thrilled to have optimized our capital structure and reduced our cost of capital all while maintaining the nimbleness and flexibility of a bank-led transaction. This is truly a testament to DSD’s track record as one of the largest and most experienced operators for distributed generation and the continued strength of our lending relationships.”
The transaction marks the latest in a series of financing milestones for DSD as it continues to streamline access to capital across the project lifecycle to accelerate development, secure equipment, and pursue ongoing development activities.
