Renewable Properties Closes $53.5 M Portfolio of Community Solar Projects with SOLCAP, 1st Source Bank, and West Town Bank & Trust

Renewable Properties, a developer and investor in small-scale utility and community solar projects, has closed its Fund 9 portfolio. The Fund 9 closing expands Renewable Properties’ successful relationships with tax equity investor SOLCAP and project lending partners 1st Source Bank (1st Source) and West Town Bank & Trust (West Town).

Fund 9 includes five projects in Maine, North Carolina, and California. Totaling close to 22 MW, the solar projects are expected to produce enough energy to power 3,111 homes per year and offset 24,697 tons of carbon dioxide annually.

The successful closing of $53.5 M Fund 9 reflects Renewable Properties’ strong ties to aligned financing partners that consistently support Renewable Properties' goal of providing renewable energy for local communities.

“Dependable financing relationships are key for expanding Renewable Properties’ pipeline of community solar and small-scale utility projects,” said Allan Riska, Chief Investment Officer at Renewable Properties. “Our ongoing partnerships with SOLCAP, 1st Source, and West Town are enabling us to bring solar’s clean energy benefits to America’s rural areas. We look forward to continuing to work with them to deploy community solar projects across the U.S.”

SOLCAP, a joint venture of KeyState Renewables and Corner Power, has been a reliable tax equity resource for Renewable Properties since 2021. Including Fund 9’s 22 MW portfolio, SOLCAP has invested in three tax equity funds, supporting the construction and acquisition of 65.3MW of Renewable Properties’ community solar and small-scale utility projects in five states.

“We are pleased to continue and grow our tax equity collaboration with Renewable Properties,” said Josh Miller, CEO of KeyState Renewables, the managing member of SOLCAP. “Their focus on community solar and small-scale utility solar projects supports our shared vision for expanding access to local clean energy throughout the U.S.”

Renewable Properties’ Fund 9 is the second portfolio supported by 1st Source. Since last year, the bank has provided construction and permanent loans for 21.6 MW of Renewable Properties’ solar projects. The closing of Fund 9 will support Renewable Properties’ acquisition of three Maine community solar projects, totaling 11.6 MW. Now under construction, the three solar arrays are scheduled to be completed by the first quarter of 2024.

“We are pleased to be working again with Renewable Properties, an exceptional partner in our shared dedication to community solar,” said Russell Cramer, Solar Financing Division Head of 1st Source Bank. “We’re excited to continue working with their team to bring more clean energy to communities throughout the United States.”

West Town has also been a steadfast Renewable Properties fund investor. Since 2019, West Town has participated in three Renewable Properties’ portfolio financings, providing construction and permanent loans for 38.5 MW of projects, including Fund 9.

“West Town is pleased to be joining Renewable Properties for our third fund,” said Riddick Skinner, EVP of Government Lending, West Town Bank & Trust. “Our bank is known for creating long-lasting relationships, and Renewable Properties is the perfect example. We’re excited to continue supporting the deployment of solar projects that create clean power and good-paying jobs in local communities.”

West Town’s investment in Fund 9 will finance a 6.62 MW solar project in Gibson, North Carolina, which will be completed in the last quarter of 2023. In addition, West Town will partner on a 4.2 MW community solar project in El Nido, California, which will be completed in May 2024.

Renewable Properties | www.renewprop.com

1st Source Corporation | https://www.1stsource.com/

KeyState Renewables and Corner Power | www.sol-cap.com

West Town Bank & Trust | https://www.westtownbank.com/