Soltage and Basalt managed funds have acquired a 40-MW solar portfolio in Oregon. The first 10-MW solar facility was energized in December and the remaining 30 MW are under construction and planned to be placed in service prior to Summer 2020. The portfolio was acquired from NewSun Energy, a leading Pacific Northwest energy developer.
This acquisition anchors a $100 Mmllion portfolio investment in the Oregon market and is being funded via Helios, an investment vehicle set up by Soltage and Basalt to own and operate solar power projects across the United States. Hyperion, the first vehicle, was fully deployed in 2019 and currently owns and operates 125 MW across 35 solar facilities.
The first asset energized in this portfolio is a 10-MW solar facility located in Harney County, Oregon. This facility will transmit electricity via Bonneville Power Administration’s (BPA) transmission system to Portland General Electric (PGE). PGE is purchasing the power under a 16-year power purchase agreement, which will help the utility provide renewable power to its nearly one million customers.
“We are pleased to announce our entrance into the growing Oregon solar market to supply PGE’s customers with clean, locally-produced renewable energy,” said Jesse Grossman, Soltage Co-Founder and CEO. “This investment fits our mission of originating and investing in best-in-class renewable investment opportunities, and deploying more distributed utility-scale solar on the grid.”
The portfolio also includes projects in development in both Harney and Lake County, Oregon.
“NewSun Energy appreciates the help of all of the people, companies, communities and state agencies that have supported efforts to bring new solar on-line, particularly BPA’s team, and the counties of central and eastern Oregon,” said Jake Stephens, CEO and Founder of NewSun Energy. “NewSun is proud to help Soltage and Basalt enter this important regional market and work with BPA to establish the first direct-connected solar facility on its system”
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