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Excelsior buys 6.3-MW solar portfolio in Minnesota

Solar panels. Featured Image: Jackiso/Shutterstock.com

May 20 (Renewables Now) - US renewable energy infrastructure investor Excelsior Energy Capital last week announced the purchase of a portfolio of solar projects with a combined capacity of 6.3 MW in Southern Minnesota from Nokomis Energy.

The Kingfield Portfolio consists of five ground-mount solar projects located in Southern Minnesota with a direct current (DC) capacity of 6.3 MW, developed by local company Nokomis. Excelsior will invest equity in the portfolio when construction starts, while arranging with its financing partners the tax equity, construction debt and permanent debt.

Excelsior also said that ten out of the 12 projects in Minnesota included in the 15.3-MW Wenonah portfolio, which it purchased from Nokomis in 2019, are now operational. Construction of the other two projects is expected to be completed in the current quarter.

The projects in the two portfolios have 25-year power purchase agreements (PPAs) with non-utility customers under the Minnesota Community Solar Garden programme administered by Xcel Energy.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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