Power producer Soltage and investment managers Harrison Street have entered into a $250m partnership to fund renewable assets in the US.
Soltage plans to build solar, solar and storage, and standalone storage projects across the country with a 450MW capacity. The partnership aims to fund and deliver these projects.
Soltage co-founder and CEO Jesse Grossman said: “Clean energy investment at this scale requires a proven ability to consistently deliver high quality renewable energy assets. Our 15-year track record advancing the transition to reliable, renewable energy resources demonstrates that commitment and expertise.
“Reliable clean power sources are increasingly important and we are excited to partner with Harrison Street, who brings significant resources and infrastructure investing expertise, as we continue to deploy capital into domestic renewable energy infrastructure and drive local economic growth.”
Under the agreement, the assets will be owned by the partnership and operated by Soltage .
The partnership will initially invest in a 14.5MW portfolio of solar assets, costing $30m. This portfolio comprises of five distributed solar projects located in Maine, North Carolina, South Carolina and Virginia.
The companies expect to finalise construction plans for the initial portfolio soon, with operations slated to start this year. Energy generated by the portfolio will be sold to utilities, corporates and community solar offtakers.
Harrison Street co-founder, chairman and CEO Christopher Merrill said: “We are excited to partner with Soltage , which has a proven track record of deploying capital and managing renewable assets.
“This partnership is emblematic of Harrison Street’s long-term commitment to investing in critical, clean energy infrastructure across the US, and our capital and industry expertise allow us to support the advancement of projects that help a variety of end users, from cities and states to major corporations, achieve their ambitious decarbonisation goals.”