NT Solar, a wholly-owned subsidiary of the National Trust Community Investment Corporation (NTCIC), announces $40 million in solar tax credit investments in four multi-state community and municipal solar portfolios supporting 21 installations. These portfolios will provide clean energy savings to public schools, municipalities, and residents across the Midwest, Mid-Atlantic, and Northeast.
The installations, developed by Lodestar Energy, LLC, Wishcamper Solar Partners, and Summit Ridge Energy, will begin operation in early 2021 and will produce nearly 56 million kilowatt-hours of electricity each year, the clean energy equivalent of consuming over 43 million pounds of coal or 92 thousand barrels of oil annually.
NT Solar and the Growth of Solar Energy Investing
Despite the impact COVID-19 has had across the country, community solar remains the fastest-growing segment within the U.S. solar market. These installations allow multiple customers to share the electricity generated by a solar installation or farm, removing the need to install solar panels directly on a home or business.
A portion of NT Solar’s investments were made possible through NTCIC/NT Solar’s newly established Climate Impact and Revitalization Fund (CIRF), which provides both historic rehabilitation and solar tax credit investments from a single platform. NT Solar will deploy the new fund in solar tax credit projects that provide cost-effective energy options for utilities, residential subscribers, commercial end-users, municipalities, and businesses located in low-income communities.
“We believe in the value of making solar power available to commercial and residential subscribers across multiple communities,” noted Karin Berry, Vice President and Manager of NT Solar. “The cost savings and environmental benefits will make a positive difference for years to come.”
Lodestar Energy, LLC Portfolio
NT Solar’s two tax credit investments, totaling $12.8 million, will enable Lodestar Energy LLC’s development of seven ground-mounted solar installations in New York, Massachusetts, and Connecticut. Founded in 2014 by Jeff Macel and Jaime Smith, Lodestar is an established northeast developer with more than 100 Megawatts (MW) in completed installations. Since that time, Lodestar has successfully completed more than 30 projects with a combined value of more than $200 million dollars, which offset more than 53,000 tons of CO2 and power the equivalent of more than 13,000 homes annually.
The installations in New York are located in designated Opportunity Zones and Lodestar has been at the forefront of combining solar and OZ. The off-takers of the new installations will receive electricity cost savings and include public schools, towns, water treatment facilities, nonprofits, and community residential subscribers.
“We are excited to complete our fourth tax equity financing with NTCIC and are very proud of the work we’ve done as a team to bring new renewable electricity generation to local communities across the northeast.” Said Jack Funk, Managing Partner of Lodestar Energy.
Wishcamper Solar Partners Portfolio
Additionally, NT Solar provided a $1.7 million tax credit investment for six ground- and roof-mounted installations in Maine and New Hampshire. The projects were developed by Wishcamper Solar Partners, a Portland, Maine-based socially motivated for-profit developer of affordable housing with properties in 22 states. The new installations will provide up to 9% in energy savings to subscribers, which include the Nashua school district, Dartmouth College, and three municipalities.
“We are grateful to NT Solar for providing both funding and invaluable guidance to us in a very complicated transaction,” said Lyndel “Joe” Wishcamper, President of Wishcamper Companies.
Summit Ridge Energy Portfolio
Finally, NT Solar team financed twelve community solar projects with Summit Ridge Energy (SRE) through NTCIC’s newly created Climate Impact and Revitalization Fund (CIRF). Summit Ridge Energy is the leading owner-operator of U.S. community solar projects. The team has been a strong force within the U.S. commercial solar market for years and was instrumental in the creation of “virtual” solar power purchase agreements and associated financing structures. The ground- and roof-mounted sites are located in Illinois and Maryland and will generate more than $26MM in solar investment tax credits.
“Summit Ridge is pleased to have worked with NT Solar as an advisor on the remaining portion of our 2020 community solar portfolio, “said Adam Kuehne, Chief Investment Officer of SRE. “The NT Solar team worked quickly and efficiently, and as a result, an additional 4,000 households will begin seeing the benefits of community solar.”
About NTCIC & NT Solar
NTCIC, an affiliate of the National Trust for Historic Preservation, invests nationally in the rehabilitation of historic places, community development revitalization projects, and renewable energy initiatives with capital raised through economic development tax credits. Since its inception in 2000, NTCIC has provided tax credit financing of over $1.6 billion in capital for over 200 transactions nationwide. NT Solar, a wholly-owned subsidiary, provides solar investments that generate meaningful community impact and provide cost-effective energy options across multiple markets.