Renewable Properties closes $53.5M portfolio of community solar projects

Renewable Properties has closed its Fund 9 portfolio, which includes close to 22 MW of community solar and small-scale utility projects in California, Maine and North Carolina. The $53.5 million Fund 9 expands the developer’s relationships with tax equity investor SOLCAP and project lending partners 1st Source Bank and West Town Bank & Trust.

Fund 9 includes five projects across the three states, producing enough energy to power 3,111 homes per year.

“Dependable financing relationships are key for expanding Renewable Properties’ pipeline of community solar and small-scale utility projects,” said Allan Riska, chief investment officer at Renewable Properties. “Our ongoing partnerships with SOLCAP, 1st Source, and West Town are enabling us to bring solar’s clean energy benefits to America’s rural areas.”

SOLCAP, a joint venture of KeyState Renewables and Corner Power, has been a reliable tax equity resource for Renewable Properties since 2021. Including the Fund 9 portfolio, SOLCAP has invested in three tax equity funds, supporting the construction and acquisition of 65.3 MW of Renewable Properties’ community solar and small-scale utility projects in five states.

“We are pleased to continue and grow our tax equity collaboration with Renewable Properties,” said Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP. “Their focus on community solar and small-scale utility solar projects supports our shared vision for expanding access to local clean energy throughout the U.S.”

Renewable Properties’ Fund 9 is the second portfolio supported by 1st Source. Since last year, the bank has provided construction and permanent loans for 21.6 MW of Renewable Properties’ solar projects. The closing of Fund 9 will support Renewable Properties’ acquisition of three Maine community solar projects, totaling 11.6 MW. Now under construction, the three solar arrays are scheduled to be completed by the first quarter of 2024.

“We are pleased to be working again with Renewable Properties, an exceptional partner in our shared dedication to community solar,” said Russell Cramer, head of the solar financing division at 1st Source Bank.

West Town has also been a steadfast Renewable Properties fund investor. Since 2019, the firm has participated in three Renewable Properties’ portfolio financings, providing construction and permanent loans for 38.5 MW of projects, including Fund 9. 

“Our bank is known for creating long-lasting relationships, and Renewable Properties is the perfect example,” said Riddick Skinner, EVP of government lending for West Town. “We’re excited to continue supporting the deployment of solar projects that create clean power and good-paying jobs in local communities.”

West Town’s investment in Fund 9 will finance a 6.62 MW solar project in Gibson, North Carolina, which will be completed in Q4 2023. In addition, the bank will partner on a 4.2 MW community solar project in El Nido, California, which will be completed in May 2024.