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

New Jersey-based renewables developer Soltage LLC has completed the first investment round in a 100-MW portfolio of solar projects across five US states.

The particular portfolio includes a large-scale asset acquisition from US solar installer Southern Current, as well as projects developed by Soltage, the latter said on Wednesday. Construction of the projects is already ongoing and the photovoltaic (PV) plants are expected to kick off commercial operations this year and in 2019. They are located in North Carolina, South Carolina, Georgia, Virginia and New Jersey, having capacities of between 2 MW and 6 MW.

Following commissioning, the PV parks are seen to have an output of around 160,000 MWh, which will be enough to supply almost 18,000 homes per year. The generated electricity will be sold to off-takers Duke Energy (NYSE:DUK), Dominion Energy (NYSE:D) and Georgia Power (NYSE:GPJA).

Soltage’s investment in the portfolio is part of its USD-140-million (EUR 123.7m) solar partnership with investment fund Basalt Infrastructure Partners LP formed in 2016.

Soltage, among whose investors is US independent power producer Tenaska, owns and operates over 250 MW of power generation capacity across 12 states. The company has poured over USD 500 million into solar projects since 2006, it said.

(USD 1.0 = EUR 0.884)

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