US Solar receives project financing to develop solar portfolio in Minnesota
Community solar developer US Solar has secured a project financing facility from the North Sky Capital affiliate Alliance Fund II for the development of more than 100MW solar portfolio in the country.
North Sky Capital is advised by New Energy Capital Partners (NEC), a US-based financial investor in clean infrastructure real assets.
Once built, the new US Solar portfolio will have an initial focus on the Minnesota community solar market.
NEC principal Ian Marcus said: “US Solar's strategy of developing grid interconnected community solar projects aligns with our focus of investing in small-scale, high quality clean energy infrastructure.
“US Solar's strength in the Minnesota market presents an attractive opportunity for NEC and we're pleased to add them as a development partner.”
Since its establishment in 2014, US Solar has focused on emerging community solar markets that provide solar power opportunity to owners of well-situated project sites as well as to electric customers unable to host a project onsite.
North Sky Capital managing director Mike Pohlen said: “While we are geographically indifferent with respect to our investments, it is particularly exciting to partner with a leading developer in US Solar to build community solar projects in our home state of Minnesota.”
Separately, US Solar intends to launch a residential pilot programme later this year.