Solar Asset Investment Partnership with:
Basalt Infrastructure Partners
Soltage LLC (Soltage) and Basalt Infrastructure Partners LP (Basalt) have completed the first close of $70 million on a $140 million equity capital partnership to fund over 100 megawatts (MW) of commercial and industrial (C&I) and utility-scale pipeline of solar projects across the United States. The partnership expects to close the additional $70 million of equity in the first half of 2017, and the partnership will deploy this capital alongside existing tax equity and debt resources. Marathon Capital acted as exclusive financial advisor to Soltage in arranging the capital commitment from Basalt.
The partnership also announced commencement of construction on the first generation assets for this vehicle, three landfill-sited projects totaling 15 MW installed capacity. The partnership will own and Soltage will operate the projects, selling power to municipal off-takers in Massachusetts under virtual net metering agreements. The assets are expected to begin commercial operation in early 2017.