NT Solar has continued a series of successful solar investment tax credit (ITCs) financing with returning partners Summit Ridge Energy and Kearsarge Energy with the recent closing of two large-scale portfolios. NT Solar’s Climate Impact and Revitalization Fund (CIRF) investments will generate over $31 million ITCs and support the installation of six projects with an installed capacity of over 30 Megawatts (MW) of energy across five states.
Together, these installations will generate an estimated 1,500 gigawatt-hours (GWh) of clean energy over their project’s lives. This clean energy will offset nearly 1 million metric tons of carbon emissions, the equivalent of burning 1.17 billion pounds of coal or the consumption of over 118 million gallons of gasoline annually.
“It’s always a pleasure doing repeat deals with familiar sponsors, which helps us deliver reliable year-end results for our investors,” said Lan Sasa, Director of Project Management for NT Solar. “NT Solar strives to support impactful renewable energy initiatives that provide affordable energy to thousands across the country while also reactivating otherwise unusable land. Partners like Kearsarge and Summit Ridge are leading the charge.”
NT Solar financed a portfolio of two community solar installations located in Maryland and Illinois that is projected to generate over $12 million in solar tax credits. The community solar installations will provide renewable energy to thousands of residential users, each saving up to 10% of traditional energy providers. The installations are anticipated to be complete and in operation by 2022 and will generate 11.7 Megawatts (MW) and, at 9.2 MW DC, the Bomber site will be the largest rooftop solar installation in Maryland. To learn more about the project, click here.
NT Solar financed a portfolio of four installations located across Massachusetts, New Hampshire, and Rhode Island that is projected to generate over $23 million in solar tax credits. The installations will include a variety of environmental and innovative aspects, including brownfield remediation, the utilization of land on a capped landfill, and the incorporation of battery storage for energy production. The off-takers include municipalities that will achieve savings on their conventional utility bills that can help support a variety of community services. The installations are anticipated to be complete and in operation by the end of 2021 and will have an installed capacity of nearly 19.4 Megawatts (MW). To learn more about the portfolio, click here.
About NT Solar
NT Solar, a wholly-owned subsidiary of the National Trust Community Investment Corporation, provides solar investments that create meaningful community impact and cost-effective energy options across multiple markets. Since its inception in 2010, NT Solar has provided tax credit financing of over $450 million in capital for 35 transactions nationwide, focusing on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provides our developers with competitive pricing and stable returns for our investors. To learn more about NT Solar, click here.
About Kearsarge Energy
Kearsarge Energy, based in Boston, Massachusetts, is New England’s fastest-growing renewable energy project development, finance, and renewable asset owner, with a dual mission to help build a more sustainable world and to provide superior returns for stakeholders and the environment. Having successfully developed and financed 150 MW and $450 million of solar since 2011, Kearsarge is focused on creating long-term value by working with local communities to meet the growing demand for commercial and utility-scale renewable energy projects. To learn more, visit kearsargeenergy.com.
About Summit Ridge
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 creating “virtual” solar power purchase agreements and associated financing structures. Summit Ridge Energy has leveraged this experience to launch Summit Ridge Capital, a dedicated funding platform that acquires pre-operational projects within the rapidly growing community solar energy sector. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.