ForeFront Power, a developer and asset manager of commercial and industrial solar energy and battery storage projects, and investor HASI have entered into a follow-on equity investment for a portfolio of distributed solar and solar-plus-storage projects located across California.
The transaction builds upon an initial co-sponsor equity investment for a separate U.S. distributed solar portfolio that HASI made with ForeFront Power last year.
The portfolio comprises 48.5 MW DC of commercial and industrial ground-mounted, carport and rooftop solar, including several projects paired with battery storage totaling 3.7 MW. Approximately 36 MW of the distributed assets are mechanically complete and were funded at financial close, while the remaining projects will be funded upon completion through year-end.
“We are excited to expand our relationship with ForeFront Power with this latest investment in a diversified C&I solar portfolio,” says Susan Nickey, chief client officer of HASI. “ForeFront Power’s exceptional team has demonstrated their ability to deliver and operate high-quality solar and storage projects that meet pro forma expectations, and we look forward to continuing to support their growth.”