SolRiver Capital acquires 53 MW portfolio across North Carolina
SolRiver Capital has acquired a portfolio of utility-scale solar PV projects through out North Carolina from Copenhagen Infrastructure Partners (CIP). The eight project portfolio throughout North Carolina totals at 53 MW. Initially, each project is expected to operate under a PPA with the local utility. The completed projects will produce over 91 million kWh of clean electricity annually, which is enough to power more than 7,700 homes each year and the equivalent carbon sequestered by planting over 1 million trees.
As recent as last year, Duke Energy, third-party solar developers, and industry organizations reached multiple agreements to accelerate and reduce costs of interconnection for utility-scale solar facilities across North and South Carolina. These agreements include the facilitation of additional solar interconnections via a defined process and timeline, along with reforming the interconnection queue process by transitioning to a cluster study model. This updated process allows SolRiver to bring high-quality solar projects to this region.
“North Carolina continues to be a strong market for SolRiver,” said Riley Sullivan, Vice President of Acquisitions at SolRiver Capital. “What really secured this deal is our know-how on successfully navigating development and construction, informed by the past several years of building these types of systems in the Carolinas.”
This announcement comes on the heels of North Carolina’s recently passed HB 951, Energy Solutions for North Carolina, which establishes goals for the state’s electricity sector to reduce carbon emissions by 70% by 2030 and reach carbon neutrality by 2050. SolRiver’s investment includes a series of PURPA solar projects to provide power as part of North Carolina’s increasing renewable energy generation mix.
SolRiver’s investment in the portfolio is expected to be in excess of $90 million and will contribute to the local and regional clean energy economy through additional tax revenue, along with the temporary and permanent jobs created throughout the construction and operation of the projects.
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