SolaREIT, a solar real estate investment fund, has executed nine agreements with solar developer Delaware River Solar. The deal involves $4.2 million in solar land transactions, more than 241 acres of land, and 25 megawatts (MW) of community solar projects in New York state. SolaREIT, which launched in late 2020, provides financing solutions for solar developers to access capital and reduce their lease costs and for landowners to receive upfront payment for hosting solar farms.
“We’re excited to work with Delaware River Solar on these projects. Community solar projects require large expanses of land, development capital, and lease payments that tie-up capital increasing costs for developers. SolaREIT is focused on providing financial flexibility to both landowners and solar developers, so they can focus on doing what they do best–developing solar projects,” said Laura Pagliarulo, President of SolaREIT.
“SolaREIT is providing valuable financial innovation and flexibility to the solar industry. We are accessing low-cost capital through these deals, which provides us the flexibility to expand our solar development efforts. Financial innovation has helped grow the residential solar sector over the past decade; now SolaREIT is bringing innovation to the commercial, industrial, and community solar segments of the market,” said Rich Winter, CEO of Delaware River Solar.
Community solar development is land and capital intensive. While the majority of community solar projects are on leased property, SolaREIT can offer alternative options to developers and project owners that reduce their lease costs. Earlier this year, SolaREIT announced their “Pre-Paid Solar Land Lease” allowing solar developers to provide landowners with up-front payment for up to 30-years of lease payments.
About SolaREIT: SolaREIT, based in Rockville, Maryland, focuses on making investments in acquiring, developing, and managing climate-friendly solar assets that support the transformation to a low-carbon economy. We aim to provide unique products to clients while generating attractive returns for our investors. For more information, please visit www.solareit.com.