MIAMI--(BUSINESS WIRE)--Sol-REIT, LLC today announced the closing of a term loan refinancing of the Inspira solar project in southern New Jersey. With the closing of this loan, Sol-REIT will be moving quickly to execute upon its $300 million and growing loan origination pipeline of construction-to-permanent loan financing opportunities for middle-market solar projects across the United States.
“Middle-market solar developers are the backbone of our emerging industry,” said Sol-REIT’s CEO, Mark Settles. “Sol-REIT is proud to provide developers fixed-rate, long-term financing that finally closes the gap in developer access to capital.”
To capitalize on its loan investments, Sol-REIT is completing its initial round of senior preferred equity investor commitments and is in the process of raising an additional $300 million in an institutional round.
“Our offerings streamline access to capital for solar developers while providing investors much-needed access to green investments,” said Brian A. Sidman, Sol-REIT’s Co-Founder & Head of Capital Markets. “Investments like these in a portfolio, backed by solar projects with Inspira coupled with high-quality energy off-takers, provide both income-generating opportunities and growth potential.”
The Inspira solar project currently serves the 210-room Inspira Medical Center, the 100-acre campus in Mullica Hill, New Jersey, just 20 miles southeast of Philadelphia. The borrower has executed a 15-year power purchase agreement (“PPA”) with the medical center. Sol-REIT’s term loan finances the remaining 13-years of operations under the PPA. The ground-mount solar project comprises nearly 3,600 solar panels generating 1.8 million kWh of renewable electricity each year, enough to power 163 homes.
About Sol-REIT:
Sol-REIT revolutionizes clean energy financing by providing innovative construction-to-permanent loans for middle-market solar developments across North America. This segment is remarkably underserved in today’s renewable energy market.
Led by a team of industry experts experienced in solar development, real estate lending, REITs, and fixed income, Sol-REIT is the first investment vehicle to bring mortgage REITs to the renewables market.
In the process, Sol-REIT strives to play an important role in reducing the global carbon footprint.
By financing solar similar to real estate, Sol-REIT offers flexible financing for solar projects that matches the asset’s operational life while empowering solar developer entrepreneurs to become long-term owners of their own projects. Sol-REIT is currently financing individual solar projects with an average loan size of $5 million to $50 million. For more information, visit https://www.sol-reit.com
