North American renewable energy investor Excelsior Energy Capital has entered into a long-term programmatic joint-venture partnership with solar energy systems developer and investor Unico Solar Investors.
As per the terms of the partnership, the two companies have agreed to construct and run a pipeline of 250MW commercial and industrial (C&I) scale solar power projects in North America.
The C&I portfolio will feature solar projects including ground-mount, rooftop and carports located across various states in the US including Arizona, California, Colorado, Hawaii, Massachusetts, Nevada, New Jersey, New York, Oregon and Washington.
Excelsior partner Anne Marie Denman said: “Excelsior couldn’t be more excited about this partnership with Unico Solar. The Unico Solar platform brings deep experience in commercial real estate and C&I solar development that aligns well with Excelsior’s mandate to own and operate renewable investments with contracted returns.
“Excelsior’s sourcing and investment strategy focuses in large part on long-term partnerships with thoughtful top-tier developers and operators like Unico Solar, where there is a clear framework and set underwriting guidelines to execute on multiple, programmatic investments.
“It is partnerships such as these that allow Excelsior to deliver consistent, high-quality investments and associated returns to our limited partners.”
Under the partnership, Unico Solar will make use of its commercial real estate network to develop and manage the portfolio.
Excelsior has agreed to acquire the projects into its portfolio using its North American Renewable Energy Fund.
Additionally, Unico Solar will oversee construction and asset management of the projects in the Excelsior portfolio, while maintaining a minority equity position.
Construction works for the first set of projects are expected to begin in the third quarter of this year, with Excelsior raising the tax equity, construction and permanent debt financing for the projects.
Unico vice-president and Unico Solar Investors co-founder Brett Phillips said: “Unico Solar is driven to rapidly expand access to renewable energy for commercial and industrial power consumers.
“This ground-breaking partnership is built to accelerate that ambition by combining Unico’s decades of commercial real estate experience with Excelsior’s proven investment execution in the renewable power sector so more consumers can realise the benefits of clean energy.”