Renewable Properties, a developer and investor in small-scale utility 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 Renewable Properties partners, enabling us to expand our community solar project portfolio to 15 states,” says Allan Riska, chief investment officer at Renewable Properties.
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’ operations. The capital allowed Renewable Properties to further develop its existing community-scale solar project pipeline, expand development efforts 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 utility and community solar projects throughout the U.S.,” says Jerry Keefe, principal at AB CarVal. “We are pleased to expand our rewarding partnership with Renewable Properties, which continues to demonstrate its capabilities and success in the U.S. community solar market.”
Fund 8 is Renewable Properties’ fourth tax equity fund partnership with Nelnet, a corporate tax equity partner that also has a solar engineering, procurement, and construction and operation and maintenance business.
“With our shared commitment to community solar and providing superior customer experience, Renewable Properties has been an excellent partner for Nelnet through three prior funds,” says Scott Gubbels, president of Nelnet Renewable Energy. “We look forward to continuing to grow our partnership and create a more inclusive clean energy future.”
The Fund 8 projects are located in California and New York, adding to Renewable Properties’ growing pipeline of community solar projects in 15 states. Two Fund 8 projects are in Madera County, Calif. The Avenue 26 Solar Phase I & II projects will commence construction in the second quarter and should be completed by the end of the year. The projects total 11.5 MW.
Fund 8’s New York projects (18.4 MW total) are in various stages of development. The Slayton Settlement Solar A & Slayton Settlement Solar B projects in Lockport began construction at the end of 2022 and are expected to be online in October. Two projects in Batavia will commence construction by May and are expected to be finished by December. The Clemons Road Solar project in Minoa will commence construction in April and is expected to be operational by end of the year.