United States Solar Corporation (“US Solar”), a leading community solar developer, announced today it has secured a project financing facility from the Alliance Fund II, LP, an affiliate of North Sky Capital which is advised by New Energy Capital Partners (“NEC”), a leading investor in clean infrastructure real assets. This capital will be used to support the development of US Solar’s 100+ MW solar portfolio, with an initial focus on the Minnesota community solar market.
“U.S. Solar’s strategy of developing grid interconnected community solar projects aligns with our focus of investing in small-scale, high quality clean energy infrastructure,” said Ian Marcus, Principal at New Energy Capital Partners. “U.S. Solar’s strength in the Minnesota market presents an attractive opportunity for NEC and we’re pleased to add them as a development partner.”
Mike Pohlen, Managing Director at North Sky Capital, added, “While we are geographically indifferent with respect to our investments, it is particularly exciting to partner with a leading developer in US Solar to build community solar projects in our home state of Minnesota.”
“We are tremendously excited to be working with North Sky and NEC,” said Marty Mobley, US Solar’s CEO. “This facility will help us move forward in key markets with additional conviction and agility, while also allowing for significant scaling potential.”
Since its founding in 2014, US Solar has focused on emerging “community solar” markets, which bring the solar opportunity both to owners of well-situated project sites and to electric customers unable to host a project onsite. Through its subsidiaries, US Solar identifies and contracts directly with property owners and electricity customers. Following early successes working with municipalities, school districts and corporate subscribers, US Solar plans to launch a residential pilot program in 2017.