July 31 (Renewables Now) - New Jersey-based renewables developer Soltage LLC said on Tuesday it has completed the acquisition of a 14-MW solar portfolio that will generate power for North Carolina utilities.
The assets were purchased from solar developer ReNew Petra and are part of a larger portfolio that will expand to 35 MW after a second close in the third quarter of the year.
The photovoltaic (PV) plants will sell their output under long-term power purchase agreements (PPAs) with members of the North Carolina Electric Membership Cooperatives. According to Jesse Grossman, Soltage’s co-founder and CEO, these facilities will add distributed utility-scale solar “at critical infrastructure points on the grid.”
Soltage noted that its investment in the plants is in line with a larger national trend of municipal utilities and cooperatives buying solar power under long-term off-take contracts in order to meet mandated renewables targets.