March-April , 2022 | @ green
FOREIGN NEWS
07
Sol-REIT and Source Renewables announce partnership
Partnership disrupts a highly fragmented solar finance market that has traditionally disadvantaged and discouraged middle-market developers
SOL-REIT , L L C announces an exclusive partnership to finance over 100 megawatts ( MW ) of community solar development projects , focused within the Northeastern United States , to bring solar to disadvantaged and underserved communities .
Source Renewables , a leader in financing , structuring , and a developer of solar and clean energy projects will develop the projects . Sol-REIT , the first firm to successfully implement the mortgage REIT ( Real Estate Investment Trust ) model in the solar industry , will provide capital to Source Renewables for construction and long-term financing of solar projects in their pipeline .
This partnership disrupts a highly fragmented solar finance market that has traditionally disadvantaged and discouraged middle-market developers due to inequitable and typically inefficient access to capital .
“ We are playing our part to address one of the greatest challenges in today ’ s solar energy market : access to capital for solar developers targeting projects in
STANDARD SOLAR , Inc ., a leader in the acquisition , development , ownership and operation of commercial and community solar , is partnering with The Catholic University of America to build the Washington metropolitan region ’ s largest urban community solar array on the University ’ s campus in northeast D . C .
The 7.4-megawatt project will provide access to locally generated , renewable energy through the D . C . community solar programme to residents , nonprofits and businesses . Standard Solar will own , operate and maintain the system .
Generating approximately 10,000 megawatt-hours of solar energy annually , the project will significantly contribute to the district ’ s goal of 100 per cent renewable energy by 2032 and carbon neutrality by 2050 .
“ Catholic University is showing tremendous leadership with this underserved communities ,” stated Mark Settles , CEO of Sol-REIT .
“ These underserved communities are those who need access to clean renewable energy the most , and Sol-REIT is helping to serve that need in this partnership with Source Renewables .”
Sol-REIT ’ s financial structure for renewable energy development is first-of-its-kind . It provides access to construction capital and long-term financing for middle-market solar developers who seek to retain equity in their projects .
This financing allows developers to maintain ownership beyond Notice-to-proceed ( NTP ) improving the economics for developers .
Sol-REIT applies the proven and robust REIT financial structure used in the commercial real estate industry to empower solar developers and streamline funding timelines via its proprietary fintech portfolio management system .
By financing solar projects in a similar model to real estate , Sol- REIT offers the potential of solid
Standard Solar to develop Washington ’ s largest urban community solar array
innovative solar project to bring clean energy to the region ,” said John Finnerty , Director of Business Development , Standard Solar .
“ The project goes beyond expanding the University ’ s sustainability initiatives and environmental stewardship to directly creating benefits for the Washington , D . C . community and generations of students .”
The project will reduce greenhouse gas emissions by an estimated 7.115 metric tons annually , equivalent to removing 1,547 cars from the roads each year .
In addition , the project will provide educational opportunities for students at all levels , from K-12 to graduate level . Students will learn about sustainability and environmental stewardship through field trips , STEM projects , and access to a realtime , web-based energy production monitoring tool . investor returns with predictable cash flows backed by long-term Power Purchase Agreements ( PPAs ) with high credit quality off-takers .
Sol-REIT is also committed to democratising the solar industry increasing access to affordable , clean energy to homes , businesses , and governmental entities across North America .
“ We are excited to work with Sol-REIT to expand our efforts in providing access to clean energy for all residents in the Northeast region . This is a meaningful partnership between two companies committed to transforming the region and bringing over 100 MW of community solar infrastructure to underserved communities ,” said Andrew Day , Partner and Founder of Source Renewables .
“ In the current economic climate and the volatility of oil prices , solar and clean energy renewables are becoming increasingly critical to stabilising the energy markets ,” stated New York State Sen . Kevin Parker .
“ The need for renewables , like the projects Sol-REIT finance and Source Renewables develop , is vital to this region ’ s energy independence .”
Standard Solar has helped numerous schools and universities in the region and around the country benefit from clean energy and educational opportunities . The economics of the solar projects also allow schools to put more resources into their educational mission .
The solar array will be installed on an undeveloped portion of the University ’ s 173.4-acre campus , between Harewood Rd . and North Capitol St . NE , north of Michigan Ave ., known as the west campus .
Acquired in 2004 , the area is primarily used for campus operations , including a tree nursery and staging areas for infrastructure projects . The project is currently in the design process , with construction anticipated to begin in 2022 .
This project is the latest in Catholic University ’ s long-term commitment to sustainability . The campus already
San Diego Gas & Electric orders Mitsubishi Power Emerald Storage Solution
SAN DIEGO GAS & Electric Company ( SDG & E ), a regulated public utility that provides energy service to 3.7 million people , has awarded Mitsubishi Power an order for a 10 megawatt ( MW ) / 60 megawatt-hour ( MWh ) energy storage solution for its Pala-Gomez Creek Energy Storage Project in Pala , California .
The battery energy storage system ( BESS ) will add capacity to help meet high energy demand , support grid reliability and operational flexibility , maximise the use of renewable energy , and help prevent outages during peak demand .
The BESS project is Mitsubishi Power ’ s eighth in California , bringing total capacity to 280 MW / 1,140 MWh of storage to help meet California ’ s clean energy goals .
Mitsubishi Power ’ s Emerald storage solution for SDG & E includes full turnkey design , engineering , procurement , construction , and a 10-year long-term service agreement . It is scheduled to be online in early 2023 .
The project will repower an existing energy storage site . It will employ Mitsubishi Power ’ s Emerald Integrated Plant Controller , which is an Energy Management System ( EMS ) and Supervisory Control and Data Acquisition ( SCADA ) system with real-time BESS operation and a monitoring / supervisory control platform .
has 2,700 solar panels ; four LEEDcertified buildings ; EV charging stations ; solar carports ; a new energyefficient , central hot and chilled water generation and campus distribution system that replaced a century-old steam system ; and a five-year Sustainability Plan .
The University was one of the first globally to sign onto a Vatican initiative committing to a plan for environmental sustainability . Catholic recently landed on the Princeton Review ’ s Guide to Green Colleges for a second year .
Since 2016 , carbon emissions on campus have declined by 28 per cent , and every kilowatt of electricity is paid for with renewable energy credits . The University offers more than 150 courses related to sustainability , internships in sustainability and is sponsoring a conference in April , Climate Change and the Future of Work . — @ Green