Soltage LLC and Basalt Infrastructure Partners LP today announced the first close of $70 million on a $140 million equity capital partnership to fund over 100 megawatts (MW) of commercial and industrial (C&I) and utility pipeline solar projects across the United States.
The partnership expects to close the additional $70 million of equity in the first half of 2017, and the partnership will deploy this capital alongside existing tax equity and debt resources. Marathon Capital served as Soltage’s financial advisor on the Basalt capital commitment. The partners also concurrently announced construction has commenced on the first generation assets for this vehicle, three landfill-sited projects totaling 15 MW installed capacity, which the partnership will own and Soltage will operate, selling power to municipal off-takers in Massachusetts under virtual net metering agreements.
The assets are expected to begin commercial operation in early 2017.
Roughly 21 gigawatts (GW) of non-residential solar photovoltaic capacity is currently in development across the US with 22 states individually having 200 MW or more in development, according to GTM Research.
Soltage is a specialist in the development, financing, and operation of utility-scale solar power systems for commercial, industrial, and municipal customers across the United States. Soltage has developed 35 solar energy projects with more than 85 MW total distributed generating capacity under management. The company is majority-owned by leading US independent power producer Tenaska, and is headquartered in Jersey City, New Jersey.
Basalt is an infrastructure equity investment fund focusing on investments in utilities, energy and transport infrastructure in the United States, Canada and Europe. The partnership with Soltage represents Basalt’s eighth investment.