Please ensure Javascript is enabled for purposes of website accessibility

Energy company makes controlling investment in Jersey City solar firm

An independent energy company has acquired a controlling interest in Jersey City-based renewable energy company Soltage LLC, the companies announced Tuesday.An affiliate of Tenaska has made its second multimillion-dollar commitment in support of Soltage’s corporate equity growth and ongoing investment in solar generation projects, according to a news release. That agreement gives Nebraska-based Tenaska both the controlling interest in Soltage, as well as the potential to invest in new projects going forward.

 “This funding is both a transformative achievement for Soltage and further evidence solar power is a smart investment for forward-looking utilities and customers alike,” Jesse Grossman, Soltage’s co-founder and CEO, said in a prepared statement. “We continue to be thrilled to have such an established and highly respected investor as Tenaska working with us as we help to realize our nation’s renewable energy capacity.”

Soltage intends to utilize Tenaska’s investment as it spends more than $250 million on 125 megawatts’ worth of solar projects this year and next, it said. Soltage successfully installed 60 megawatts of new solar capacity in 2014.

“The past 18 months have shown the strength of Soltage’s business plan,” David Kirkwood, Tenaska’s vice president and treasurer, said in a statement. “This investment and potential follow-on investments will allow Soltage to increase its development velocity in the near term.”

ALSO ON NJBIZ:

NJTC names Top CIOs of 2015

RBH Group unveils plans for $30 million ‘indoor vertical farm’ in Newark

Christie trails Bush, Walker by double digits in latest 2016 poll

Eric Strauss

NJBIZ Business Events