Excelsior Energy Capital, an independent North American renewable energy investor, and Unico Solar Investors, a solar energy systems developer and investor, are closing on a long-term programmatic joint-venture partnership to build, own and operate a 250-MW pipeline of commercial and industrial solar projects located across North America.
Unico Solar, a wholly-owned subsidiary of Unico Investment Group, will leverage its commercial real estate network and expertise to develop and manage the portfolio. Excelsior, through its North American Renewable Energy Fund, will acquire the projects into its portfolio upon start of construction, with Unico Solar overseeing construction and asset management while maintaining a minority equity position.
The C&I portfolio will be composed of ground-mount, rooftop and carport solar projects totaling approximately 250 MW, located across multiple U.S. states, including Arizona, California, Colorado, Hawaii, Massachusetts, Nevada, New Jersey, New York, Oregon and Washington, among others.
The engery produced by the projects will be sold to commercial businesses, property owners, municipalities, educational institutions, utilities and other credit-worthy C&I customers under long-term power purchase agreements. Construction of the first set of projects is expected to begin in Q3 2020. Excelsior is raising the tax equity, construction and permanent debt financing for the projects.
“Excelsior couldn’t be more excited about this partnership with Unico Solar. The Unico Solar platform brings deep experience in commercial real estate and C&I solar development that aligns well with Excelsior’s mandate to own and operate renewable investments with contracted returns,” said Anne Marie Denman, a partner at Excelsior. “Excelsior’s sourcing and investment strategy focuses in large part on long-term partnerships with thoughtful top-tier developers and operators like Unico Solar, where there is a clear framework and set underwriting guidelines to execute on multiple, programmatic investments. It is partnerships such as these that allow Excelsior to deliver consistent, high-quality investments and associated returns to our limited partners.”
Brett Phillips, Unico VP and co-founder of Unico Solar Investors, added: “Unico Solar is driven to rapidly expand access to renewable energy for commercial and industrial power consumers. This groundbreaking partnership is built to accelerate that ambition by combining Unico’s decades of commercial real estate experience with Excelsior’s proven investment execution in the renewable power sector so more consumers can realize the benefits of clean energy. Whether it’s a local government, a REIT, or a business looking to procure cheaper, greener power, this partnership is designed with that customer in mind.”