SOLCAP funding has helped Renewables Properties complete three solar projects .
With KeyState Renewables' SOLCAP Solar Tax Equity Fund for community and regional bank investors, Renewable Properties, a developer, owner and investor in small-scale and community solar projects, has completed tax equity financing for 11 .6 MW of solar projects.
Three solar power projects make up Fund 6's portfolio. The 5.7 MW Bullis Road Solar Project in Marilla and the 5 MW Rock Island Road Solar Project in Gouverneur were two New York community solar projects that were completed in summer 2022.
In December 2021, the nearly 1 MW qualifying facility project in Bourne, Massachusetts, which was the third project, was completed. The three projects are expected to generate a total of 16,645,000 kWh of solar power in their first year of operation.
The just-passed Inflation Reduction Act (IRA) is a groundbreaking piece of legislation that includes features that will persuade a significant number of mid-sized businesses and community banks to invest money in building projects. renewable energy across the United States.
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It retrospectively increases the investment tax credit (ITC) from 26% to 30%, which will come into effect on January 1, 2022, and extends solar and storage ICT for at least another ten years. Over the next ten years, there will be a dramatic increase in the number of renewable energy projects designed and built as a result of the spread and growth of ICT.
The success of the solar business depends on having great partners like SOLCAP, according to Allan Riska, chief investment officer at Renewable Properties. “Without tax equity investors, we wouldn't be this close to meeting the United States' climate emissions reduction goals.
It could be difficult to find reliable tax equity partners, given the abundance of tax equity incentives that are currently available to investors. Since SOLCAP is a strong investment partner, it is essential for us to create and manage projects responsibly. In order to expand the use of green infrastructure, it is essential to have a long-term trusted partner. We look forward to continuing our positive partnership with SOLCAP.
In order to provide a solar sector financing solution that would promote scalability and efficiency, Renewable Properties and SOLCAP began working together in 2019.
These projects in New York and Massachusetts were funded in Fund 6 through their cooperation. Renewable Properties and SOLCAP are now collaborating on new initiatives in Maine, North Carolina and California following the conclusion of these three projects. The growth of projects in collaboration with Renewable Properties will be made possible through SOLCAP's links with local and regional banking investors.
The SOLCAP Tax Fairness Platform was introduced by KeyState Renewables and Corner Power in 2019. Since then, SOLCAP has funded 28 comparable solar projects, totaling over 160 MW DC. SOLCAP's footprint now spans seven states with 22 additional projects that are in the planning or construction stages. When all current solar projects are completed, SOLCAP will have invested over $200 million on behalf of its local and regional banking investors.
The SOLCAP Tax Fairness Platform was introduced by KeyState Renewables and Corner Power in 2019. Since then, SOLCAP has funded 28 comparable solar projects, totaling over 160 MW DC. SOLCAP's footprint now spans seven states with 22 additional projects that are in the planning or construction stages. When all current solar projects are completed, SOLCAP will have invested over $200 million on behalf of its local and regional banking investors.
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“The tax equity investors for small utility and community solar projects are community banks, which makes perfect sense. According to Josh Miller, CEO of KeyState Renewables, SOLCAP Governing Member, “Our SOLCAP tax equity fund technology enables community banks to efficiently deploy tax equity investments across a broad portfolio of projects.”
“Over the past four years, Renewable Properties has been an excellent partner. Our community bank investors are the perfect fit for the expertise of their experienced management team on small-scale and community solar projects. SOLCAP hopes to continue for years to come as a reliable and efficient source of solar tax equity for renewable properties.
For its upcoming 32 MW Fund 7, which is expected to be fully funded in Q1 of 2023 and will maintain successful cooperation with SOLCAP, Renewable Properties is further expanding its portfolio with more community and local solar projects .
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