It is no secret that the US is reducing carbon emissions in the country and lowering its over-dependence on conventional energy. The government has set up policies to encourage the people to adopt renewable energy, with the public and public sectors joining hands to fight for a better future.
The renewable sector marks a few steps forward to a new future of clean energy in the United States, with Soltage, power producer, and Harrison Street investment managers entering into a $250 million joint venture for renewable assets funding. Soltage plans on creating solar plants and storage technologies all over the country with a total capacity of 450MW. With this partnership, the two companies can efficiently fund and deliver solar projects.
Jesse Grossman, CEO and Soltage’s co-founder, stated that the current market requires a proven ability to supply renewable energy assets before investing in a project. And with the company’s 15-year-old portfolio, they can advance the energy transition to reliable renewable energy and demonstrate the sector’s expertise and commitment.
Jesse explained that reliable, clean energy sources are vital. The power production company is excited to work alongside Harrison Street, which brings crucial resources, investment in infrastructure, and capital to the table. Therefore, Soltage will quickly deploy renewable energy and promote local development. The assets are under the partnership’s ownership and the Soltage development team’s operation in their agreement.
The initial investment is in the 14.5MW portfolio of Solar assets with a budget of $30 million, including the five solar projects in North Carolina, Maine, Virginia, and South Carolina. Reliable sources claim that the development team is currently working on its construction plans and for this phase to end soon. Besides, the operation will begin by the end of this year. According to this agreement’s strategic objectives, the portfolio’s energy will be readily available to corporations, utilities, and the community at an affordable price.
The co-founder and CEO of Harrison Street, Christopher Merrill, expresses his excitement in the partnership praising Soltage for their track record in renewable assets’ management. He explained that this partnership represents the company’s commitment to impacting the US’s clean energy assets. With Harrison Street’s s expertise and capital, the company can support the project’s advancements to ensure that the end-users achieve the decarbonization goals.
Soltage and Harrison Street partnership will help America move a step closer to a net-zero future as President Biden’s administration helps the country reduce the carbon emissions in different sectors. This partnership includes the necessary funds, resources, and expertise to improve the clean energy sector.