Sol-REIT LLC of New York City announced March 9 it closed on a term loan refinancing of the Inspira solar project in southern New Jersey.
The company, which provides construction-to-permanent loans for middle-market solar developments across North America, stated that with the closing of the loan, “Sol-REIT will be moving quickly to execute upon its $300 million and growing loan origination pipeline of construction-to-permanent loan financing opportunities for middle-market solar projects across the United States.”
Sol-REIT CEO Mark Settles said in a statement, “Middle-market solar developers are the backbone of our emerging industry. Sol-REIT is proud to provide developers fixed-rate, long-term financing that finally closes the gap in developer access to capital.”
The Inspira solar project serves the 210-room Inspira Medical Center, the 100-acre campus in Mullica Hill. The borrower executed a 15-year power purchase agreement with the medical center. Sol-REIT’s term loan finances the remaining 13 years of operations under the PPA.
The ground-mount solar project comprises nearly 3,600 solar panels generating 1.8 million kWh of renewable electricity each year, enough to power 163 homes, the company said.
To capitalize on its loan investments, Sol-REIT is completing its initial round of senior preferred equity investor commitments and is raising an additional $300 million in an institutional round, the company stated.
“Our offerings streamline access to capital for solar developers while providing investors much-needed access to green investments,” added Brian Sidman, Sol-REIT’s co-founder and head of capital markets. “Investments like these in a portfolio, backed by solar projects with Inspira coupled with high-quality energy off-takers, provide both income-generating opportunities and growth potential.”
