NEW YORK, July 7, 2020 /PRNewswire/ -- TerraNova Capital Equities, Inc. ("TerraNova") acting as sole placement agent and advisor, to their client, Unico Solar Investors ("Unico Solar"), a solar energy systems developer and Excelsior Energy Capital ("Excelsior"), a leading independent North American renewable energy investor, recently announced the closing of a long–term programmatic joint–venture partnership to build, own and operate a 250 MW pipeline of commercial and industrial ("C&I") solar projects located across North America. Unico Solar, a wholly–owned subsidiary of Unico Investment Group, will leverage its vast commercial real estate network and expertise to develop and manage the portfolio. Excelsior, through its North American Renewable Energy Fund (the "Fund"), will acquire the projects into the Fund upon start of construction, with Unico Solar overseeing construction and asset management while maintaining a minority equity position.
The C&I portfolio will be comprised of ground–mount, rooftop and carport solar projects which are expected to total approximately 250 MW, located across multiple U.S. states. The projects will sell clean electricity to a diversified mix of consumers, including commercial businesses, property owners, municipalities, education institutions, utilities, and other credit–worthy C&I customers under long–term power purchase agreements. Construction on the first set of projects is expected to begin in Q3 2020. Excelsior is raising the tax equity, construction and permanent debt financing for the projects.
Brett Phillips, VP of Sustainable and Responsible Investments, Unico Properties stated, "Unico was pleased to partner with TerraNova and their Senior Managing Director Todd Coffin on our capital raise due to their hands-on approach and deep experience in the solar industry. Excelsior Energy Capital is the ideal joint venture partner for Unico and we are grateful to TerraNova for helping us fund our projects with like-minded business partners."
Todd Coffin, Senior Managing Director of TerraNova stated, "We are pleased, that we were able to bring these parties together, based on their corporate cultures and mutual philosophy around the C&I solar market."
Anne Marie Denman, Partner at Excelsior Energy Capital added, "We very much appreciate Todd and the TerraNova Capital team facilitating this transaction, and we look forward to a long and lasting partnership with Unico Solar."
Excelsior Energy Capital is a pure–play renewable energy infrastructure fund focused on long–term investments in wind and solar power plants in North America. The Excelsior management team alone brings over 70 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors.
Unico Solar Investors is a wholly–owned subsidiary of Unico Investment Group that develops, owns, and operates solar energy facilities for commercial and industrial customers and investors. The company develops solar energy portfolios that provide long–term, low–cost clean energy to a diversified mix of electricity consumers including utilities, municipalities, C&I buildings, businesses, and educational facilities.
TerraNova Capital Equities, Inc. is an established investment bank based in New York City and is a Member Firm FINRA/SIPC. Todd Coffin leads the Structured Finance Division specializing in complex finance structures in various sectors including Sustainable Energy and Infrastructure, Transportation and Logistics, Agriculture and Water Resources, Impact Materials and Manufacturing, Health and Wellness, and Technology and Communications.
SOURCE TerraNova Capital Equities, Inc.