Excelsior and Unico Solar for long-term partnership to build 250-MW of C&I solar projects
This week, renewable energy investor, Excelsior Energy Capital, and solar energy systems developer and investor, Unico Solar Investors, announced the closing of a joint-venture partnership to build, own and operate a 250-MW pipeline of C&I solar projects in North America.
Unico Solar will use its real estate network to develop and manage the portfolio as well as oversee construction and asset management while maintaining a minority equity position. Excelsior, through its North American Renewable Fund will acquire the projects into its profile upon start of construction.
The C&I portfolio will be comprised of ground-mount, rooftop and carport solar projects totaling 250 MW of capacity, located in Arizona, California, Colorado, Hawaii, Massachusetts, Nevada, New Jersey, New York, Oregon and Washington, among others.
The projects will sell electricity to a mix of customers including commercial businesses, property owners, municipalities, education institutions and utilities. Construction of the first set of projects is estimated to begin in Q3 2020. Excelsior is raising tax equity, construction and permanent debt financing for the projects.
Anne Marie Denman, a Partner at Excelsior, said, “The Unico Solar platform brings deep experience in commercial real estate and C&I solar development that aligns well with Excelsior’s mandate to own and operate renewable investments with contracted returns. Excelsior’s sourcing and investment strategy focuses in large part on long-term partnerships with thoughtful top-tier developers and operators like Unico Solar, where there is a clear framework and set underwriting guidelines to execute on multiple, programmatic investments.”
Brett Phillips, Unico Vice President and co-founder of Unico Solar Investors, stated, “This groundbreaking partnership is built to accelerate that ambition by combining Unico’s decades of commercial real estate experience with Excelsior’s proven investment execution in the renewable power sector so more consumers can realize the benefits of clean energy.”
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