Jersey City-based Soltage LLC and Basalt Infrastructure Partners announced an investment in a 28 megawatt (MW) solar portfolio. The investment was funded by the Helios investment vehicle that the partners created to own and operate solar assets. The portfolio includes 10 solar projects located in New Jersey, Illinois and South Carolina. All projects are under construction and will be placed in service in 2020 and 2021.
The New Jersey project totals 3 MW, is located on a landfill and will provide power to local low- and moderate- income households through New Jersey’s Community Solar Energy Pilot Program. The Illinois projects total 9 MW and are part of the state’s new community solar program. The projects will supply clean power for municipal, commercial and residential customers across Illinois. The South Carolina projects total 16 MW and sell power to Duke Energy as part of the Public Utility Regulatory Policies Act (PURPA). The solar projects will help the utility provide renewable power to approximately 1800 households per year.
“These projects will create much needed jobs, save money for American consumers and put more renewable power on the grid,” said Jesse Grossman, Soltage co-founder and CEO. “It could not be a more important time to invest in solar, and we are pleased to announce our continued growth and deployment of capital in best-in-class solar projects across the country.”
This brings Soltage’s total project capacity under construction in 2020 thus far to over 100 MW. The announcement points to continued interest from mainstream investors into solar assets, despite economic dislocation caused by the COVID-19 pandemic. The Solar Energy Industry Association (SEIA) forecasts 33% annual growth in 2020, and 18 gigawatts (GW) of new solar installations to come online before the end of the year.
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