May 29 (Renewables Now) – Renewable energy investor Excelsior Energy Capital has formed a joint venture (JV) with solar developer Unico Solar Investors targeting a 250-MW portfolio of commercial and industrial (C&I) solar projects in North America.
The new entity will focus on the construction, ownership and operation of the photovoltaic (PV) assets, Excelsior Energy said on Thursday. Its portfolio will include ground-mount, rooftop and carport solar projects in a range of US states. Electricity from those power plants will be sold to commercial businesses, property owners, municipalities, education institutions, utilities and others through long-term power purchase agreements (PPAs).
Unico, part of Unico Investment Group, will take care of developing and managing the portfolio, while its partner, through its North American Renewable Energy Fund, will buy those projects upon the start of construction. Unico will have a minority stake in the assets, overseeing their construction and becoming their asset manager.
The duo intends to start building the first group of projects in the third quarter. The required tax equity, construction and permanent debt financing for them will be raised by Excelsior Energy.Â
â€śThe Unico Solar platform brings deep experience in commercial real estate and C&I solar development that aligns well with Excelsiorâ€™s mandate to own and operate renewable investments with contracted returns,â€ť said Anne Marie Denman, a partner at Excelsior.
Akin Gump Strauss Hauer & Feld LLP served as Excelsiorâ€™s legal counsel on the deal.