Magazine

Last edition
July-August 2023

Home › Renewable energy ›Renewables Properties Completes Community Solar Projects

Renewables Properties Completes Community Solar Projects

Renewable Properties, a developer, owner, and investor in small-scale utility and community solar projects, has completed tax equity funding for 11.6 MW of solar projects with KeyState Renewable’s SOLCAP solar tax equity fund for community and regional bank investors.

September 09, 2022. By News Bureau

The Fund 6 Portfolio consists of three solar projects. Two New York community solar projects (the 5 MW Rock Island Road solar project in Gouverneur, NY and the 5.7 MW Bullis Road solar project in Marilla, NY) were completed in the summer of 2022.

The third project, a nearly 1 MW qualifying facility project in Bourne, Massachusetts, was completed in December 2021. In their first year of operation, the three projects are expected to produce a total of 16,645,000 kWh of solar energy, enough to power approximately 1,929 homes and reduce greenhouse emissions by 10,263 tons.

Projects like these are made possible by tax equity funding, which is a critical clean energy partner-investor relationship that has enabled the energy transition in the U.S. Many of the incentives in the recently passed Inflation Reduction Act (IRA) utilize tax equity to enable renewable energy development.

“Great partners like SOLCAP are imperative for the solar industry to thrive,” said Allan Riska, Chief Investment Officer for Renewable Properties. “Without tax equity investors, we would be further from accomplishing U.S. climate emission reduction targets. With so many tax equity-based incentives available to investors today, finding consistent tax equity partners can be challenging. That’s why it’s crucial to have strong investor partners like SOLCAP, which allows us to responsibly develop and own projects. Having a long-term and reliable partner is critical to building out more green infrastructure. We look forward to continuing our successful relationship with SOLCAP.”

“Community banks are very logical tax equity investors for small-scale utility and community solar projects. Our SOLCAP tax equity fund platform allows community banks to efficiently deploy tax equity investments across a diversified portfolio of projects,” said Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP.

Tags: