NT Solar’s largest portfolio investment to date involved the financing of $65 million in solar investment tax credits (ITCs) for a portfolio of 100 solar installations across California. This milestone investment is in partnership with ForeFront Power, a leading developer and long-term owner-operator of solar energy and storage projects.
This portfolio, developed end-to-end by ForeFront Power and with a development cost totaling over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connecting to four city utility services and several of the largest counties in the state. Soon, hundreds of thousands of residents will be able to benefit from energy savings provided by these installations. This investment underscores NT Solar’s commitment to investing in renewable energy that serves a broad community base, contributing to a sustainable future for all.
The portfolio primarily consists of “canopy” systems, in which the panels are elevated over parking lots, allowing cars to park underneath. In addition to delivering significant environmental benefits and customer savings, this development style reduces the need for construction on undeveloped land and gives sprawling parking lots productive use.
Several installations within this portfolio will also qualify for various additional credits, or “adders,” for being located within an “energy community.” Released as part of the Inflation Reduction Act (IRA), energy communities are designated locations that have experienced economic or environmental hardships as a result of the fossil fuel industry.
NT Solar provided an initial investment in April for a 48.5 Megawatt DC portfolio of 79 solar installations. In July, NT Solar further invested in an expansion of the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW. This additional investment brought the total financing to $65 million in ITCs, marking this as the largest investment by installation count in NT Solar’s history.
GREEN ENERGY STATISTICS
The 58.4 Megawatt (MW) portfolio will generate an estimated 17.5 gigawatt-hours (GWh) over the life of the project, which:
- Creates enough electricity to take nearly 2,500 homes off the grid
- Is the equivalent of burning nearly 14 million pounds of coal
- Sequesters the same amount of carbon from the atmosphere as over 14 thousand acres of forest
- Offsets the CO2 emissions generated from consuming 1.4 million gallons of gasoline annually
ABOUT FOREFRONT POWER
ForeFront Power is a leading developer of commercial and industrial-scale (C&I) solar energy and battery storage projects in the U.S. and Mexico, also offering vehicle fleet electrification services. The ForeFront Power team has 15 years of experience working together to develop more than 1,400 behind-the-meter and community solar projects, totaling more than 1.1 gigawatt-DC of renewable electricity. ForeFront Power serves business, government, education, healthcare, and community solar customers with a broad array of development, asset management, and advisory services from its San Francisco headquarters and via teams based in New York, Mexico City, and across the U.S. through a hybrid work model. To learn more, visit www.forefrontpower.com.