Leyline supports Solterra with capital to pursue 1 GW of solar

Solar system. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

June 17 (Renewables Now) - Leyline Renewable Capital is providing USD 10 million (EUR 9.5m) in early-stage growth and development capital to Solterra Energy so it could support up to 1 GW of distributed generation (DG) and utility-scale solar projects across the eastern US.

Solterra, formerly Solterra Partners LLC, intends to use the new funding for both project-related expenses and working capital costs. Its expansion is focused on the Southeastern US, PJM and MISO service territories. Since its establishment in 2014, the firm has developed more than 450 MW of solar projects, part of which is already completed.

The renewables financier explained that it provides non-dilutive financing solutions that allow founders to retain control of their company.

"Leyline's funding was really attractive because it gives us autonomy," said Dennis Richter, president of Solterra. "This allows us to grow a core team of experienced people to deliver quality projects," he added.

In addition, Leyline will provide project development expertise in the form of on-call development support.

(USD 1.0 = EUR 0.953)

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