Excelsior Energy Capital announced the acquisition of five ground-mount solar projects from development partner, Nokomis Energy. The Kingfield Portfolio, located across Southern Minnesota, totals 6.3 MWDC and brings Excelsior’s total portfolio of ground-mount solar projects in Minnesota to 21.6 MWDC, 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-MWDC portfolio of Minnesota ground-mount solar projects acquired from Nokomis Energy last year. The remaining two projects are expected to complete construction in Q2 2020.
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 PPA 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 the projects located in their home state.
“Excelsior is proud to announce this second closing with Nokomis Energy and to achieve completion of construction and start of operations on the first 10 projects in our home state of Minnesota,” said Ryan Fegley, partner at Excelsior. “Excelsior continues to execute on the acquisition, financing and construction of community solar portfolios which compliment Excelsior’s investments in operational utility-scale wind and solar. We hope to continue to replicate multi-year investment plans with partners like Nokomis Energy and others who are looking for trusted long-term equity investors such as Excelsior.”
“We’re pleased to have a long-term partner like Excelsior who, even in a challenging market, can problem solve and efficiently work towards an outcome that works for both sides of the partnership,” said Brendan Dillon, Partner at Nokomis Energy. “We look forward to continuing our partnership and growing our business with Excelsior Energy Capital”.