NewWorld Capital Group Invests in a Soltage, LLC Solar Project Portfolio
NEW YORK, March 21, 2013 /PRNewswire/ -- NewWorld Environmental Infrastructure, L.P. announced today that it has invested in a six-project 11.6 megawatt (MW) solar photovoltaic electricity production project portfolio developed by Soltage, LLC. The projects will be located in Connecticut and Massachusetts and will commence construction this month.
Soltage specializes in the development, design, ownership, finance and operation of solar power plants for large commercial customers. Since its founding, Soltage has successfully developed 10 solar power generating projects representing more than 14 megawatts of distributed generating capacity. Soltage is backed by a group of investors, including independent energy company Tenaska, ranked by Forbes as the 35th largest privately held U.S. company based on 2011 revenues, with approximately 11,000 MW of power generating assets under management.
NewWorld Environmental Infrastructure provides project finance equity and asset-backed structured equity to projects and companies building clean infrastructure assets. NewWorld Environmental Infrastructure partnered on the investment with the CleanTech Alliance Fund, managed by North Sky Capital of Minneapolis, Minnesota.
Soltage's CEO and Co-Founder Jesse Grossman stated, "NewWorld is a strong complement to our current group of experienced investors and brings specific expertise in financing clean energy projects to accelerate the growth of environmental companies like Soltage."
Everett Smith III, a Founding Partner of NewWorld Capital, stated, "We have found a strong partner in Soltage and share their view that mid-sized commercial solar is a growing and exciting market opportunity. We are pleased to provide funding for this attractive and diversified set of solar projects."
Danny Zouber, Managing Director of North Sky Capital, noted, "We have a strong and long-standing relationship with the NewWorld team and expect this solar investment will generate strong returns for our investors."
About Soltage, LLC
Soltage is a full service renewable energy company that develops and operates solar energy stations on client sites across the United States. Using proven technology and on-site electric generation, Soltage can supply a significant portion of client long-term energy needs at a cost below retail rates. Soltage is headquartered in Jersey City, New Jersey. (www.soltage.com)
About NewWorld Environmental Infrastructure, L.P.
NewWorld Environmental Infrastructure, L.P. was established in collaboration with North Sky Capital to provide funding for clean infrastructure assets and companies. It is managed by NewWorld Infrastructure Group, LLC, an affiliate of NewWorld Capital Group, LLC, and provides project equity for clean infrastructure assets and structured equity to companies engaged in deploying clean infrastructure.
NewWorld Capital Group is a private equity firm focused on investing in the rapidly growing environmental opportunities sector, principally in the United States and Canada. NewWorld makes growth capital and control investments in growing mid-sized and smaller companies in energy efficiency, clean energy, water reclamation and reuse, waste-to-value, and related environmental services. The firm does not accept technology risk and invests only when a productive relationship can be formed with company management. NewWorld was founded by a group of experienced investors and business builders from General Electric, McKinsey, and several private equity firms. (www.newworldcapital.net)
SOURCE NewWorld Capital Group, LLC