JERSEY CITY, N.J., July 30, 2019 /PRNewswire/ -- Today, Soltage LLC, a leading independent power producer, announced that it closed on its acquisition of 14 megawatts (MW) of solar projects in a portfolio that is expected to total 35 MW after a second close slated for Q3 2019. The portfolio was acquired from ReNew Petra, a vertically-integrated solar developer, EPC and operations and maintenance company. The company secured long-term power purchase agreements with members of the North Carolina Electric Membership Cooperatives, providing fixed cost and affordable power.
"We are pleased to announce our work with ReNew Petra and the North Carolina cooperatives to put additional distributed utility-scale solar at critical infrastructure points on the grid," said Jesse Grossman, Soltage Co-Founder and CEO. "These assets allow for us to continue to deploy our capital to high-quality renewable energy infrastructure investments, providing economic benefits to the communities in which we are working as well as long-term affordable power to our energy offtake partners."
Soltage's investment into these assets is part of a larger national trend of municipal utilities and cooperatives purchasing long-term solar power contracts due to solar's cost competitiveness as compared to alternate electric generating resources. In addition to solar's favorable economics, as state and local decarbonization goals grow, electric membership cooperatives and electric utilities are increasing their usage of solar to meet mandated renewables targets.
"We're proud to work with a company like Soltage to further increase solar generation in the rural North Carolina communities these cooperatives serve," said Richard Payne, a Managing Director of North Carolina-based ReNew Petra.
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 300 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 ReNew Petra
ReNew Petra is a vertically-integrated, renewable energy investment and licensed general contracting construction company involved in the engineering and construction of solar, landfill gas, and biomass facilities across the country. ReNew Petra also has the technical expertise to provide their own internal operations, maintenance, and asset management, as well as provide these services to institutional capital partners. For additional information, please visit thinkrenew.com.