The independent power producer, Soltage and investment management firm, Harrison Street have announced an investment in a 20 MW portfolio of solar projects in the eastern United States. The portfolio consists of community solar assets and Public Utility Regulatory Policies Act (PURPA) solar projects in North Carolina, South Carolina, and Maine.
In March 2021, Harrison Street and Soltage’s Iris vehicle announced a $250 million partnership to fund solar and other clean energy infrastructure assets to deploy 450 MW of new distributed solar and storage projects across the United States. The assets will be owned by the partnership and operated by Soltage. The partnership’s first investment was a 14.5 MW portfolio of solar assets representing $30 million of project costs.
The portfolio serves customers including investor-owned utilities purchasing electricity via PURPA contracts, as well as U.S. businesses buying solar energy to meet clean energy goals and lock in reduced electricity costs. The portfolio will increase access to reliable, clean energy and foster local job creation.
“We are glad to announce this investment in high quality zero carbon infrastructure projects and pleased to continue our partnership with Harrison Street to advance the nation’s transition to a reliable, clean energy future,” said Jesse Grossman, Soltage CEO. “For the past 15 years, Soltage has seen the demand for distributed, clean energy assets continue to grow, and we’ve worked to meet this need by increasing the renewable energy options available to our customers.”
“Harrison Street is excited to continue to deliver mission critical renewable energy options to ensure the businesses and communities in which we invest can meet their sustainability and resiliency objectives. Soltage is an experienced leader in distributed solar assets, and we look forward to continuing to identify attractive investment opportunities together that advance our nation’s decarbonization goals,” said Carolyn Arida, Director and Head of Utilities for Harrison Street.
The renewable energy sector has proven to have strong momentum, as well as the rising demand for clean energy from utilities and corporate entities. According to research by BloombergNEF, in 2020 corporations purchased a record 23.7 GW of clean energy, and experts expect that trend to continue.
Since 2005, Soltage has successfully raised and invested $1 billion into clean energy infrastructure, and developed over 100 clean energy projects with more than 400 MW total distributed generating capacity under construction and management across the country
Harrison Street is an investment management firm exclusively focused on alternative real assets. Since 2018, the firm has committed almost $400 million in equity with investments in wind, solar, and hydroelectric projects. Harrison Street’s renewable energy portfolio consists of more than 320 MW of installed capacity.