In a very real sense in the renewable energy industry today, “money is power.” Now, through an innovative financing deal involving a private equity firm and a private equity fund, half a dozen major solar projects have been financed.
Soltage—a company that develops and operates photovoltaic solar power plants for large commercial customers—has secured $30.5 million in funding for the construction and deployment of six solar power generating stations in Connecticut and Massachusetts.
The financing is being provided by New York City-based NewWorld Capital Group, a private equity firm in the environmental opportunities sector, as part of an environmental infrastructure investment initiative with Minneapolis-based North Sky Capital's CleanTech Alliance Fund.
“Our partnership combines crucial capital financing with development expertise, a quality set of clients, and the progressive support for clean power generation from the states of Connecticut and Massachusetts,” said Jesse Grossman, co-founder and CEO of Jersey City, New Jersey-headquartered Soltage, adding, “We are thrilled to receive such a resounding endorsement from leading investors in our industry. In particular, NewWorld Capital is widely recognized for their depth of investment and operating experience and their leadership in environmentally-focused finance.”
Everett Smith, a founding partner of NewWorld Capital commented, “We are excited about making this strategic investment with Soltage to back the leading developer in the region and work alongside such a highly talented team. We share a common vision of commercial solar infrastructure as a business opportunity that transforms our energy future by reducing the cost of electricity, increasing our nation’s energy security, improving our environmental stewardship, and providing an immediate and positive impact on quality job creation in our region.”
NewWorld Capital Group will make the investment through its infrastructure investment initiative—dubbed NewWorld Environmental Infrastructure, LP—in partnership with the CleanTech Alliance Fund
Since its founding in 2005, Soltage has successfully developed 10 solar power generating projects, representing more than 14 megawatts (MW) of distributed generating capacity.
Soltage is backed by a group of investors, including Tenaska—one of the largest private, independent energy companies in the United States. Omaha-based Tenaska and its affiliates develop, own and operate non-utility power plants; market natural gas, electric power and biofuels; and provide energy risk management services.
All six projects are slated to come online by year-end 2013.
Edited by Amanda Ciccatelli