NewWorld Environmental Infrastructure, L.P. announced today that it has invested in a six- project 11.6 megawatt (MW) solar photovoltaic electricity production project portfolio developed by Soltage, LLC. The projects will be located in Connecticut and Massachusetts and will commence construction this month.
Soltage specializes in the development, design, ownership, finance and operation of solar power plants for large commercial customers. Since its founding, Soltage has successfully developed 10 solar power generating projects representing more than 14 megawatts of distributed generating capacity. Soltage is backed by a group of investors, including independent energy company Tenaska, ranked by Forbes as the 35 largest privately held U.S. company based on 2011 revenues, with approximately 11,000 MW of power generating assets under management.
NewWorld Environmental Infrastructure provides project finance equity and asset-backed structured equity to projects and companies building clean infrastructure assets. NewWorld Environmental Infrastructure partnered on the investment with the CleanTech Alliance Fund, managed by North Sky Capital of Minneapolis, Minnesota.
Soltage’s CEO and Co-Founder Jesse Grossman stated, “NewWorld is a strong complement to our current group of experienced investors and brings specific expertise in financing clean energy projects to accelerate the growth of environmental companies like Soltage.”
Everett Smith III, a Founding Partner of NewWorld Capital, stated, “We have found a strong partner in Soltage and share their view that mid-sized commercial solar is a growing and exciting market opportunity. We are pleased to provide funding for this attractive and diversified set of solar projects.”
Danny Zouber, Managing Director of North Sky Capital, noted, “We have a strong and long-standing relationship with the NewWorld team and expect this solar investment will generate strong returns for our investors.”