23 Mar, 2021, 07:00 ET
JERSEY CITY, N.J., March 23, 2021 /PRNewswire/ -- Today, Soltage LLC, a leading independent power producer and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, announced a $250 million partnership to fund solar and other clean energy infrastructure assets developed by Soltage. The partnership will deploy 450 megawatts (MW) of new distributed solar and storage projects across the United States. These assets will be owned by the partnership and operated by Soltage.
Concurrent with the establishment of the vehicle, the partnership announced its first investment into a 14.5 MW portfolio of solar assets representing $30 million of project costs. This initial portfolio, which is expected to finalize construction and begin operations this year, is comprised of five distributed solar projects in Maine, North Carolina, South Carolina and Virginia. The power purchasers from this portfolio include utilities, corporates and community solar offtakers aiming to achieve both cost savings and clean energy goals.
"Clean energy investment at this scale requires a proven ability to consistently deliver high quality renewable energy assets. Our 15-year track record advancing the transition to reliable, renewable energy resources demonstrates that commitment and expertise," said Jesse Grossman, Soltage Co-Founder and CEO. "Reliable clean power sources are increasingly important and we are excited to partner with Harrison Street, who brings significant resources and infrastructure investing expertise, as we continue to deploy capital into domestic renewable energy infrastructure and drive local economic growth."
"We are excited to partner with Soltage, which has a proven track record of deploying capital and managing renewable assets," said Christopher Merrill, Harrison Street Co-Founder, Chairman and CEO. "This partnership is emblematic of Harrison Street's long-term commitment to investing in critical, clean energy infrastructure across the United States, and our capital and industry expertise allow us to support the advancement of projects that help a variety of end users, from cities and states to major corporations, achieve their ambitious decarbonization goals."
For more than a decade, Soltage has successfully raised and invested capital into clean energy infrastructure across the United States to provide clean power and create jobs. Soltage's previous investment partnerships have invested $1 billion into the U.S. clean energy economy over the last fifteen years.
Since 2018, Harrison Street has committed nearly $400 million in equity across investments in wind, solar and hydroelectric projects. The partnership's first investment today expands Harrison Street's renewable energy portfolio to more than 330 MW of installed capacity.
Soltage is a leader in the development, financing and operation of distributed utility-scale solar assets for commercial, industrial and municipal customers across the United States. Soltage has developed more than 100 solar energy projects with more than 400 MW total distributed generating capacity under construction and management. Soltage is backed by a group of investors including Prudential Capital Group and is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 190-employees and approximately $32 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global and North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
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