Sol-REIT Joins Department of Energy’s National Community Solar Partnership with a Goal of $175 Million in Funding for its Community Solar Segment by 2025
MIAMI--(BUSINESS WIRE)--Jan 11, 2023--
Sol-REIT, a structured finance partner to solar developers, has joined the Department of Energy’s National Community Solar Partnership (NCSP) as part of the firm’s commitment to fund greater than $175 million in community solar projects by 2025.
For solar developers with projects at or beyond NTP (notice to proceed), Sol-REIT provides construction capital and/or permanent debt that matches an asset’s operational life while significantly reducing underwriting and diligence timelines for commercial, community, and aggregated residential solar projects. The construction-to-permanent financing solution gives solar developers and EPCs the ability to capture the full value chain of the projects they originate or build, meaning more developers can operate more efficiently and without capital constraints. There are no upfront fees and up to and in some cases over 100% of the capital needed to construct projects can be provided.
NCSP is a coalition of community solar stakeholders working on expanding access to affordable community solar to every U.S. household and enabling communities to realize meaningful benefits, such as reduced energy burden, increased resilience, and workforce development.
Sol-REIT’s partnership with the NCSP was announced in advance of the firm’s attendance at the National Community Solar Partnership 2023 Summit on January 19, 2023, in San Diego.
“Community Solar represents a significant piece of our current pipeline while also being a core objective of the developers and EPCs we serve,” suggested Mark Settles, CEO of Sol-REIT. “By joining the NCSP, we are aligning our firm with a group that is focused on increasing access to solar and working collaboratively to reach community solar goals,” continued Settles.
About the National Community Solar Partnership:
The National Community Solar Partnership (NCSP) is a coalition of community solar stakeholders working on expanding access to affordable community solar to every American household and enabling communities to realize other benefits, such as increased resilience and workforce development. The Partnership is a U.S. Department of Energy initiative led by the Solar Energy Technologies Office in collaboration with the National Renewable Energy Laboratory and Lawrence Berkeley National Laboratory. Partners leverage peer networks and technical assistance resources to set goals and overcome barriers to expanding community solar access.
Sol-REIT revolutionizes clean energy financing by providing innovative construction-to-permanent loans for middle-market solar developments across North America. By financing solar similarly to real estate, Sol-REIT offers flexible financing for solar projects that matches the asset’s operational life while empowering solar developer entrepreneurs to become long-term owners of their own projects. Sol-REIT currently finances individual solar projects with an average loan size of $5 million to $50 million. For more information, visit https://www.sol-reit.com.
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PUB: 01/11/2023 10:00 AM/DISC: 01/11/2023 10:03 AM