Soltage LLC announced Dec. 5 that it has completed a portfolio upsizing with an additional investment by NewWorld Environmental Infrastructure LP.
The new project, a 3.5-MW solar photovoltaic station to be constructed in Oxford, Mass., is the seventh project in a previously announced partnership between NewWorld and Soltage to develop and operate a portfolio that now totals more than 15 MW of solar assets.
The Oxford solar station is expected to generate more than 4 million kilowatt-hours of electricity annually for a consortium of four municipalities located in Central Massachusetts. Power will be purchased under agreement for at least 20 years.
Jesse Grossman, Soltage co-founder and CEO, stated: “We are excited about expanding our investment with NewWorld and to receive another strong endorsement from such an acclaimed leader in the energy finance community. We are looking forward to launching the Oxford power station and are proud of the part that we will play in the coming years in providing these Massachusetts municipalities with affordable and reliable clean power.”
“This additional capital deployment is a cornerstone of our clean energy capital investment strategy, and we are pleased to be continuing to work alongside such an exceptional solar energy company as Soltage,” said Everett Smith III, a founding partner of NewWorld Capital. “This is a further affirmation of our shared vision to help reduce the cost of electricity in the region, while at the same time creating jobs, promoting environmental responsibility and generating attractive financial returns.”
NewWorld Environmental Infrastructure partnered on the investment with CleanTech Alliance Fund, managed by North Sky Capital of Minneapolis, Minn. Soltage is backed by a group of investors, including Tenaska, one of America’s largest independent energy companies, with about 11,000 MW of generating assets under management.
Soltage is a leader in the development, financing and operation of solar power stations for commercial, industrial and municipal clients. Since its founding, Soltage has successfully developed 23 solar power projects totaling more than 40 MW of distributed capacity. Soltage is headquartered in Jersey City, N.J.
NewWorld Environmental Infrastructure was established in collaboration with North Sky Capital to provide funding for clean infrastructure assets and companies. It is managed by NewWorld Infrastructure Group LLC, an affiliate of NewWorld Capital Group LLC, and provides project equity for clean infrastructure assets and structured equity to companies engaged in deploying clean infrastructure.