Excelsior Energy Capital, an independent North American renewable energy investor, has acquired five ground-mounted solar projects from development partner Nokomis Energy.
The Kingfield Portfolio, located across southern Minnesota, totals 6.3 MW DC and brings Excelsior’s total portfolio of ground-mounted solar projects in Minnesota to 21.6 MW DC, all as part of a broader partnership with Nokomis Energy. Excelsior will invest equity in the portfolio at the start of construction and will work with its existing financing partners to arrange the tax equity, construction debt and permanent debt.
In addition to acquiring its second tranche of projects from Nokomis Energy, Excelsior has achieved commercial operation for the first 10 projects in its Wenonah Portfolio, a 12-project, 15.3 MW DC portfolio of Minnesota ground-mounted solar projects acquired from Nokomis Energy last year. The remaining two projects are expected to complete construction in the second quarter.
Both the Kingfield and Wenonah Portfolios participate in the Minnesota Community Solar Garden (CSG) program, which for Excelsior’s portfolio is administered by Xcel Energy. Under the program, the projects are contracted under 25-year power purchase agreements with a diverse set of non-utility customers, such as municipalities, school districts and various commercial customers. The CSG program allows these non-utility customers to offset some or all of their electricity usage from clean power generated by projects located in their home state.