Renewable energy provider Soltage has closed the first round of investment for a 38-project, 100-megawatt solar portfolio.
Soltage said construction on projects in the portfolio, including projects ranging from two to six megawatts in New Jersey, North Carolina, South Carolina, Georgia and Virginia, is currently underway with expectations to reach commercial operation later this year and in 2019.
The company says the assets will generate about 160,000 megawatt-hours of clean energy per year — enough to power almost 18,000 homes and offset about 300 million pounds of carbon dioxide.
“This portfolio demonstrates the continued market demand for distributed utility solar assets, with utilities and private consumers looking for large and efficiently constructed projects to deliver clean and affordable power near the point of customer demand,” said Soltage CEO Jesse Grossman in a statement.
The portfolio is a repeat investment under a partnership between Soltage and investment company Basalt Infrastructure Partners, who has offices in New York and London.
Jersey City-based Soltage is backed by a group of investors and, according to the company, has developed more than 80 solar energy projects.