A renewables investment startup focused on small-scale solar has secured financing for 30 MW in projects in California and New York.
Renewable Properties has announced the closure of its Fund 8. The Fund 8 portfolio includes the Avenue 26 Solar Phase I & II projects in Madera County, California with a total capacity of 11.5 MW, sufficient to power 2,004 homes per year and cut 15,910 tons of CO2 emissions annually.
The two projects are part of California’s Disadvantaged Communities Green Tariff program, which is designed to encourage the installation of community solar projects in disadvantaged communities, as identified by CalEnviroScreen. Construction of the projects is expected to start in the second quarter and conclude by the end of this year.
Renewable Properties’ Fund 8 portfolio also includes several projects in New York that are currently in different phases of development. The Slayton Settlement Solar A & Slayton Settlement Solar B projects in Lockport commenced construction at the end of 2022 and are expected to be operational by October 2023.
Financed by Nelnet Renewable Energy and AB CarVal, the Fund 8 projects are expected to generate enough energy to power 4,438 homes annually and offset 35,246 tons of carbon dioxide (CO2) per year, the company says. The company leadership team includes veterans from Gardiner Capital, SunEdison and other industry development and financing firms.
Meanwhile, two projects in Batavia are scheduled to begin construction by May and are expected to be completed by December this year. The Clemons Road Solar project in Minoa is also set to start construction in April 2023 and is expected to come online by end of the year.
The New York projects have a combined capacity of 18.4 MW and are anticipated to generate adequate energy to power 2434 homes and offset 19,336 tons of CO2 per year.
“AB CarVal and Nelnet have been reliable Renewable Properties partners, enabling us to expand our community solar project portfolio to 15 states,” said Allan Riska, Chief Investment Officer at Renewable Properties.
