Green Street Power Partners (GSPP) closed on tax equity investment and long-term debt financing for a 17.5-MW community solar portfolio in Minnesota. The portfolio will consist of commercial and industrial customers, and represents GSPP’s initial foray into the Minnesota market. GSPP will own and operate the solar assets long-term. The portfolio, consisting of four different sites, is expected to be fully operational between now and Q3 of 2019.
The installer completed a 5-MW community solar array earlier this year in Boxborough, Massachusetts.
GSPP secured tax equity financing for the project from Rockwood Group, through its partnership with The Guardian Life Insurance Company of America and ~$25M in long-term debt with Celtic Bank, a top-ten nationwide SBA lender headquartered in Salt Lake City, Utah.
“Guardian Life Insurance and Rockwood Group have proven to be ideal partners in this transaction. Their focus on long-term, sustainable investments aligns well with the funding opportunities we have to offer at GSPP,” said Scott Kerner, CEO of GSPP. “We are excited about securing this investment from such reputable firms and we look forward to continued growth within this new partnership.”
“Celtic Bank is excited that it will expand its lending portfolio with this group of community solar projects in Minnesota,” said Jasna Filipović, VP of renewable energy & specialty finance at Celtic Bank. “These solar farms will both significantly increase solar production in the state and reduce energy costs to households. We are grateful to GSPP and our partnership in these great projects.”
News item from Green Street Power Partners
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