Soltage, Basalt form $140 million partnership for solar generation

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – Soltage LLC and Basalt Infrastructure Partners LP closed the first $70 million on a $140 million equity capital partnership to fund over 100 megawatts of commercial and industrial and utility pipeline solar projects across the United States, according to a press release.

The remaining $70 million of equity is expected to close in the first half of 2017.

“Corporate and state-level renewable energy targets, falling solar project costs, and stable federal support make distributed solar America's fastest-growing generation source and an increasingly intelligent area for utilities, consumers, and investors to participate,” Jesse Grossman, Soltage co-founder and chief executive officer, said in the release.

The partners also announced construction has begun on the first generation assets for this vehicle, three landfill-sited projects totaling 15 megawatt installed capacity. The partnership will own and Soltage will operate the sites, selling power to municipal off-takers in Massachusetts under virtual net metering agreements. The assets are expected to begin commercial operation in early 2017.

Jersey City, N.J.-based Soltage develops, finances and operates utility-scale solar power systems for commercial, industrial, and municipal customers across the United States.

Basalt is an infrastructure equity investment fund focusing on investments in utilities, energy and transport infrastructure in the United States, Canada and Europe. It has headquarters in London and New York.

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