Renewable Properties, a developer and investor in small-scale municipal and community solar projects, has closed its Fund 8 portfolio with two financing partners, Nelnet Renewable Energy and AB CarVal. Fund 8 consists of nearly 30 MW of community solar projects in California and New York.
“AB CarVal and Nelnet have been reliable partners for Renewable Properties, allowing us to expand our portfolio of community solar projects to 15 states,” said Allan Riska, Renewable Properties’ Chief Investment Officer.
In 2020, funds managed by project loan partner AB CarVal, a global alternative investment manager, invested $60 million to support the expansion of Renewable Properties. The capital enabled Renewable Properties to further develop its existing community solar project pipeline, expand development into new and existing markets, and secure new project opportunities and acquisitions.
“Renewable Properties has produced an extensive and diverse track record of small-scale energy and community projects throughout the United States,” said Jerry Keefe, president of AB CarVal. “We are pleased to expand our rewarding partnership with Renewable Properties, which continues to demonstrate its capability and success in the U.S. community solar market.”
Fund 8 is the fourth tax equity fund partnership of Renewable Properties with Nelnet, a corporate tax equity partner that also has solar design, acquisition, construction and operation and maintenance businesses.
“With our shared commitment to community solar and superior customer experience, Renewable Properties has been an excellent partner for Nelnet through three previous funds,” said Scott Gubbels, President of Nelnet Renewable Energy. “We look forward to continuing our partnership and creating a more comprehensive clean energy future.”
The Fund 8 projects are located in California and New York and add to Renewable Properties’ growing pipeline of community solar projects in 15 states. Two Fund 8 projects are in Madera County, California. The Avenue 26 Solar Phase I & II projects will begin construction in the second quarter and should be completed by the end of the year. The total power of the projects is 11.5 MW.
Fund 8’s New York projects (a total of 18.4 MW) are in different stages of development. The Slayton Settlement Solar A & Slayton Settlement Solar B projects in Lockport began construction in late 2022 and are expected to be completed in October. In Batavia, two projects will start construction by May and are expected to be completed in December. The Clemons Road Solar project in Minoa will begin construction in April and is expected to be operational by the end of the year.