SolRiver Capital | October 29, 2021
SolRiver Capital, a national solar investment fund, announced the acquisition of a portfolio of utility-scale solar PV projects across the state of North Carolina from Copenhagen Infrastructure Partners. The portfolio is eight projects throughout North Carolina, totaling 53 MW. Each project is expected to initially operate under a power purchase agreement with the local utility. Once completed, the projects will produce over 91 million kilowatt hours of clean electricity annually, which is enough to power more than 7,700 homes each year and the equivalent carbon sequestered by planting over 1 million trees.
Just last year, Duke Energy and third-party solar developers, as well as industry organizations, reached multiple agreements to accelerate and reduce costs of interconnection for utility-scale solar facilities across North and South Carolina. These agreements include the facilitation of additional solar interconnections via a defined process and timeline, along with reforming the interconnection queue process by transitioning to a cluster study model. This updated process is instrumental for SolRiver to bring high-quality solar projects to this region.
"North Carolina continues to be a strong market for SolRiver. What really secured this deal is our know-how on successfully navigating development and construction, informed by the past several years of building these types of systems in the Carolinas."
Riley Sullivan, Vice President of Acquisitions at SolRiver Capital
In addition, this announcement comes on the heels of North Carolina's recently passed HB 951, Energy Solutions for North Carolina, which establishes goals for the state's electricity sector to reduce carbon emissions by 70% by 2030 and reach carbon neutrality by 2050. SolRiver's investment includes a series of PURPA solar projects to provide power as part of North Carolina's increasing renewable energy generation mix.
SolRiver's investment in the portfolio, expected to be in excess of $90 million, will contribute to the local and regional clean energy economy through additional tax revenue, along with the temporary and permanent jobs created throughout the construction and operation of the projects.
About SolRiver Capital
SolRiver Capital is a solar investment fund dedicated to financing the development, construction, and acquisition of distributed generation projects. Focusing on solar and storage, SolRiver owns and operates projects across the U.S. from Oregon to New York. Founded in 2016, SolRiver's team combines top-tier developers, financial professionals, and operational experts with over 10 years' experience each. The group has developed and managed over $400MM of solar totaling 180MW of capacity from 300 projects.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S is a fund management company focused on energy infrastructure including offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. CIP manages eight funds and has approximately EUR 16 billion under management. Today, CIP's funds have approximately 100 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and North America and multilateral organizations e.g. EIB.
Mississippi Power | February 07, 2022
Mississippi Power announced a request for proposals for solar photovoltaic renewable resources.
Qualifying proposals submitted through this RFP will afford Mississippi Power an opportunity to review market offerings of RFP resources. The company will determine whether there are economic and viable energy projects suitable to meet the needs of its customers.
The submitted projects must be at least 20 MWAC. Mississippi Power will consider proposals for 25-year term energy-only power purchase agreements for solar photovoltaic renewable resources from bidders who are not affiliates of Mississippi Power or Southern Company. Mississippi Power would receive all the environmental attributes from the projects.
Resources must be located in Mississippi and must be directly interconnected with Mississippi Power's transmission system.
Bids for the RFP must be received by 6 p.m. CST on March 15, 2022.
Now in its 97th year of operations, Mississippi Power, a subsidiary of Southern Company, produces safe, reliable and affordable energy for nearly 191,000 customers in 23 southeast Mississippi counties. With nearly 160 megawatts of approved solar energy capacity, Mississippi Power is the largest partner in providing renewable energy in the state of Mississippi.
CerraCap Ventures | June 13, 2022
CerraCap Ventures, a Global Venture Capital fund headquartered in Southern California, has announced an investment in Solena AG, a soil microbiome startup helping farmers improve agricultural yields and optimize agrarian input costs.
Solena's proprietary, AI-powered Prometheus platform is the most extensive soil microdata repository in the world that turns diagnostics data into insights and customized microbial inoculant recommendations. Solena analyses the soil biome, identifies shortcomings and recommends custom microbial inoculants to help farmers maximize the crop quality and, hence, their RoI and profitability. Solena has covered 500 acres in California and Mexico and aims to focus on select high-value crops and global expansion next.
On the investment, Ritesh Agarwal, Partner, CerraCap Ventures, said, "CerraCap has an established track record of supporting high potential B2B startups usher in the next wave of digital innovation. Solena AG, with its competent leadership team and CEO Irving Riviera, are on a mission to help the agriculture industry solve an imminent soil crisis. Their customized approach to helping a large cross-section of farmers improve their output and quality is unique and harnesses the potential of modern technology for scale. Their pilots on high-value crops and the high repeat action of farmers before each crop cycle are great indicators of their analytical prowess and tangible value provided to farmers. We are optimistic that Solena and CerraCap will be able to greatly impact the need to provide global food security ten years in the future."
The agricultural industry is facing multiple challenges, like the dependence of certain crops on fertilizers and pesticides, the exhaustion of aquifers, the pollution resulting from these activities, and the increasing demand for food products versus the decrease of returns due to climate change. The market demand for corrective soil action is primarily on account of the over-exploitation of soil by farmers and using a one-size-fits-all approach. The company measures, appraises and improves farmers' biological capital and offers a sampling kit to provide measurement and valuation results for the soil, enabling farmers to access tools to achieve a sustainable and environmentally friendly approach to current-day agriculture.
Welcoming CerraCap Ventures on this mission-critical journey, Irving Riviera, Co-Founder and CEO of Solena AG, said, "We are tackling the constant degradation of the very foundation of agriculture, the soil. We hope they can reduce their dependence on inorganic chemicals and pesticides by empowering farmers and agricultural organizations to improve their soil health. Our approach is simple, affordable and yet impactful. By collating the world's largest data set of the soil microbiome, we are confident that we can achieve scale and positively impact farmers globally. By making agriculture harmonious with nature, we will help farmers raise profits while improving the quality of food we eat every day.
Solena's proprietary Prometheus data mining platform is an ever-growing biorepository that turns data into insights driving molecular soil health diagnosis and developing customized microbial-based bio-inoculants. Farmers receive a personalized recommendation to improve crop profitability through a functional characterization, biocontrol activities in soil, and production of solutions specifically tailored for each farm and crop type and before each crop cycle. Solena will expand its reach of soil testing centers, bolster team composition and improve R&D capabilities with this latest round of funding.
About CerraCap Ventures
CerraCap Ventures, a Global Venture Capital fund headquartered in Southern California, is dedicated to early-stage technology investments in enterprise (B2B) solutions focused on the new fundamentals of the digital age - Enterprise AI, Cyber Security and Healthcare. It enables rapid growth of technology startups leveraging its unique Sales & Scale™ business model, driving revenue from large enterprises into its portfolio companies. For more details, please visit www.cerracap.com
About Solena AG
Solena AG, Inc. is an Agtech company dedicated to studying the microbiome of agricultural soils to increase farmer profitability with a customized and end-to-end solution for improving soil microbiota. Founded in 2017, Solena aims to prove that innovation and technology can empower farmers to bring health and fertility to their soils through understanding their biodiversity.