Renewable Properties closes financing for nearly 30 MW of community solar in two states

The California and New York portfolio is financed by Fund 8, Renewable Properties’ fourth tax equity fund partnership with Nelnet, a corporate tax equity partner that also has a solar engineering, procurement, and construction and operation and maintenance business.

Renewable Properties, a developer and investor in small-scale utility and community solar projects, announced the closing of its Fund 8 portfolio with two financing partners, Nelnet Renewable Energy and AB CarVal. Fund 8 consists of nearly 30 MW of community solar projects in California and New York.

The financing partners have supported Renewable Properties’ local renewable energy projects in 15 states across the U.S. by continuing to commit additional capital.

In addition to supporting renewable energy projects, funds managed by project lender AB CarVal, an alternative investment manager, invested $60 million to support the expansion of Renewable Properties’ portfolio. The capital allowed Renewable Properties to further develop its existing community solar pipeline, expand development efforts into new and existing markets, and secure new project opportunities and acquisitions.

Fund 8 is Renewable Properties’ fourth tax equity fund partnership with Nelnet, a tax equity partner that also has a solar engineering, procurement, and construction business. Totaling nearly 30 MW, the projects are expected to produce enough energy to power 4,438 homes per year and offset 35,246 tons of carbon dioxide per year.

Learn more: PV Magazine