Soltage closes 1st investment round in 100-MW solar portfolio

Soltage LLC announced that it closed a first round of investment in a 38 project, 100 MW solar project portfolio located in five states across the East Coast and the Southeast. The portfolio includes a large asset acquisition from Southern Current, alongside other Soltage-developed projects, and is a follow-on investment under a partnership between Soltage and Basalt Infrastructure Partners. Construction on the current portfolio is underway, with projects expected to reach commercial operation across the calendar years of 2018 and 2019.

The individual projects in the portfolio, which range from 2MW to 6MW, are located across North Carolina, South Carolina, Georgia, Virginia and New Jersey, and will sell power to utility off takers including Duke Energy, Dominion Energy and Georgia Power under long term contracts. The portfolio of solar assets will generate roughly 160,000 MWh of clean energy annually, enough to power nearly 18,000 homes, and will offset roughly 300 million pounds of carbon dioxide on an annual basis.

Soltage's current investment is part of a wider utility-scale solar surge across the country. According to a report by GTM Research andthe Solar Energy Industries Association, despite uncertainty and a tumultuous 2017 stemming from government-imposed solar tariffs, utility-scale project deployment has accelerated in Q2 2018 and that growth is expected to continue. As of Q2 2018, a total of 17 GW of utility solar projects were announced for the year and at 4.7 GW, the industry is witnessing more solar installed in the first half of 2018 than any other first half in the sector's history.