SolRiver Capital Announces Acquisition of 53 MW Solar Portfolio From Copenhagen Infrastructure Partners

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.


The renewable energy sector in Kenya is among the most active in Africa. In Kenya, investment grew from virtually zero in 2009 to US$1.3 billion in 2010 across technologies such as wind, geothermal, small-scale hydro and biofuels.


The renewable energy sector in Kenya is among the most active in Africa. In Kenya, investment grew from virtually zero in 2009 to US$1.3 billion in 2010 across technologies such as wind, geothermal, small-scale hydro and biofuels.

Related News

Apollo Infrastructure Funds and Altius Renewable Royalties Announce Joint Venture

Apollo Global Management, Inc. | October 13, 2020

Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) announced today that certain funds managed by its affiliates (“Apollo Funds”) have formed a joint venture with Altius Minerals Corporation (TSX:ALS) subsidiary Altius Renewable Royalties (“Altius”) to accelerate the growth of Great Bay Renewables (“Great Bay”), the US-based operating subsidiary of Altius and a leading provider of renewable energy development capital in North America. Apollo Funds expect to invest up to $200 million and will have the opportunity to acquire up to a 50% stake in Great Bay, the proceeds of which will be used by Great Bay to invest in prominent renewable energy development platforms in North America. Through the investment, Apollo’s infrastructure strategy becomes the first in its asset class to fund renewable royalties and expects to establish a leadership position in the space.

Read More


Leeward Renewable Energy Closes $175 Million in Financing for Panorama Wind Farm

Leeward Renewable Energy | November 25, 2021

Leeward Renewable Energy, LLC (Leeward) announced that it has closed construction financing and secured tax equity commitments for its Panorama Wind Farm located in Weld County, Colorado. MUFG Bank, Ltd. served as coordinating lead arranger, bookrunner and administrative agent for the approximately $190 million financing. The financing is comprised of a construction loan, tax equity bridge loan and back leverage term loan commitment. National Australia Bank, Silicon Valley Bank and Helaba Group served as part of the lending group and Goldman Sachs provided a $135 million tax equity commitment. The greenfield Panorama project is the third wind farm Leeward has developed in Weld County, in addition to its Cedar Creek and Mountain Breeze projects. Vestas-American Wind Technology supplied the 66 wind turbine generators that will have the capacity to generate 145 megawatts (MW) of clean energy. Under a previously announced power purchase arrangement with Guzman Energy, the project will generate affordable electricity for approximately 53,000 homes in Colorado, New Mexico and Wyoming. We are pleased to have closed financing for the Panorama project with a number of new financial relationships led by MUFG Bank. With their support, we are well-positioned to complete the construction of Panorama with the latest and most efficient technologies, bringing our total generation capacity in Weld County to 617 MW and helping Colorado meet its goal of 100 percent green energy generation by 2040.” Chris Loehr, Chief Financial Officer, Leeward Beth Waters, Managing Director of Project Finance at MUFG, commented: “Toward our commitment to renewable energy financing, we welcome the opportunity to support Leeward’s efforts and advance the transition to sustainable energy sources.” Vivek Kagzi, from the Sustainable Investing Group of Goldman Sachs Asset Management, commented: “Investments from Goldman such as these enable our sponsor clients like Leeward to maximize all the incentive benefits that are available to them to finance wind projects. Goldman looks forward to continuing to support sponsors like Leeward as they build out renewable energy solutions to combat the ongoing effects of climate change.” Construction of the Panorama Wind Farm has commenced and is expected to be completed in the second quarter of 2022. About Leeward Renewable Energy Leeward Renewable Energy, LLC is a leading renewable energy company that owns and operates a portfolio of 21 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S., with 17 gigawatts under development spanning over 100 projects. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$114 billion in net assets (as at June 30, 2021).

Read More


iSun Announces Investment in Encore Renewable Energy

iSun | November 30, 2021

iSun, Inc., a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services and a provider of proprietary electric vehicle charging platforms, announced it has reached a definitive agreement to make a strategic minority interest equity investment in Encore Renewable Energy, a leading innovator in community-scale clean energy and Top 20 US commercial solar developer. Highlights Investment to accelerate expansion of iSun’s Commercial, Industrial and Utility businesses into new geographic markets Provides collaboration opportunities across both parties’ project pipelines Extends Encore’s long-term experience as a registered B-Corp to iSun’s ESG initiatives Enables Encore to expand its geographic reach while advancing innovative clean energy solutions including solar + storage, brownfield redevelopment and dual land-use/agrivoltaics initiatives Further strengthens the long-standing relationship between two leading innovators in the community-scale clean energy sector. iSun’s investment aligns with its previously stated growth objectives. First announced in late 2019, iSun’s growth strategy highlighted the specific steps the Company would take to accelerate the nation’s transition to solar energy across all sectors. The investment compliments two of the strategy's key pillars - organic growth organic regional growth by expanding relationships with existing Industrial and Utility customers, and investment in companies capable of increasing project pipeline opportunities. This partnership reflects the progress we’ve steadily been making against our three-pronged strategy for growth. By deepening our long-standing relationship with Encore Renewable Energy, we will gain invaluable insights into new geographic markets which we can use to further advance our C&I strategy. Equally important: we will be strengthening a long-term relationship with a partner whose values and commitment to innovation mirrors ours. Encore’s experience in reclaiming undervalued real estate for clean energy generation and storage, and revitalizing communities with the deployment of agrivoltaic solutions illustrates their understanding of the challenges often associated with getting buy-in for community-scale clean energy development projects, and ultimately reduces barriers for solar adoption. As a Certified B Corporation and a values driven organization, Encore is a leader in creating a new industry standard. We’re proud to have them as a partner.” Jeffrey Peck, Chairman and Chief Executive Officer of iSun "This new infusion of capital from iSun will allow us to more than double our project development pipeline over the next 12 months," offered Chad Farrell, CEO and Founder of Encore Renewable Energy. "Deploying additional community-scale solar and solar + storage solutions across the Northeast and other strategic markets supports our ongoing work to accelerate the transition to a robust clean energy economy powered by low cost, carbon free renewable resources." About iSun Inc. Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. About Encore Renewable Energy Encore Renewable Energy is a Burlington, Vermont-based leader in commercial renewable energy with a proven track record in solar development from concept to completion. Founded in 2007 as Encore Redevelopment, their team specializes in the design, development, financing, permitting, and construction of solar and energy storage projects on landfills, brownfields, rooftops and carports. As a values-led company, Encore is committed to revitalizing communities and creating a cleaner, brighter future for all.

Read More