Soltage and Basalt Announce 9 Solar Project in North Carolina

Soltage LLC and Basalt Infrastructure Partners LLP have closed an investment in a 9-project totalling to 57 MW across the state of North Carolina. The nine greenfield utility-scale solar power projects will be located across seven communities in the eastern half of North Carolina, and will range from 3MW to 7MW. Project offtakers include Duke Energy and Dominion Energy. The project pool will generate roughly 85,000 megawatt-hours of clean energy. Construction on the current portfolio is expected to begin in May 2017.

Under this close of the investment partnership between Soltage and Basalt, Soltage will act as the power plant operator selling the electricity to the utilities through Public Utilities Regulatory Policies Act (PURPA) contracting. Soltage is acquiring the projects from Cypress Creek Renewables, who will be providing engineering, procurement, and construction services for all nine projects.

Soltage co-founder and CEO, Jesse Grossman said that utilities across the country are continuing to expand their investments in solar power to lock in stable long-term power prices while reducing electricity generation emissions. Solar projects like these empower North Carolina to provide the competitive prices and clean power that both corporate and residential customers are increasingly seeking from power utilities.

Basalt Infrastructure Managing Partner, Rob Gregor said that Basalt is delighted to be making significant progress in building a well-diversified portfolio of solar farms, which will now include projects in North Carolina that have long-term power purchase agreements with investment-grade off-takers in place. It is a testament to the importance of partnering with industry-leading developers that have longstanding relationships providing a robust and proven proprietary channel of investment origination.

Image Source: Soltage LLC