NT Solar Celebrates New Impact Investment Fund & Series of Successful Transactions
WASHINGTON, April 25, 2024 /PRNewswire/ -- NT Solar, a national tax credit syndicator with a mission to provide affordable clean energy access through investments in renewables and battery projects with strong ESG attributes, is thrilled to announce a series of four strategic solar tax credit (ITC) investments across the country, establishing new partnerships, building upon successful ongoing relationships, and continuing the growth of our network of investment partners.
These investments supported the development of 4 solar projects, including the largest solar installation to date in Rhode Island, as well as various community solar projects in New Jersey, New York, and California. Once in operation, these portfolios will bring the country closer to a carbon-free future while providing renewable energy to corporate and community solar subscribers and municipal, university, school, and hospital (MUSH) offtakers.
New & Returning Partnerships Generate Lasting Impacts
NT Solar's recent successful investments were with new development and investment partners, New Energy Equity and Revity Energy via Nelnet, Inc., as well as returning partner Dimension Energy, showcasing the company's capacity to attract fresh collaborations while maintaining longstanding relationships built on trust, reliability, and the delivery of exceptional results.
"We are truly honored to deepen our partnership with NT Solar through these latest solar investments," said Patrick Schaufelberger, Senior Vice President of Project Financing at Dimension Energy. "NT Solar's expertise in financing and their unwavering support have been instrumental in bringing these projects to fruition."
Following an initial investment in late 2022, NT Solar expanded its financing support of Dimension Energy projects in both September and December of 2023. To date, this collaboration has resulted in a project portfolio of 10 projects, representing over 71 MWDC of community solar generation capacity in New Jersey, New York, and California that will collectively deliver over $1M in annual savings to the project subscribers.
"It was a pleasure beginning new relationships with the New Energy Equity team while continuing to build on our strong partnership with Dimension Energy," said Alyssa Watt, Transaction Manager at NT Solar. "These development teams are doing incredible work in expanding accessibility to renewable energy across the country."
"New Energy Equity's collaboration with NT Solar through these latest solar investments demonstrates our shared commitment to increasing access to clean energy for residents of New York," said Jackie Chambers, Chief Investment Officer at New Energy Equity, an ALLETE company. "It exemplifies the synergy needed to drive the renewable energy sector forward, and we're excited about the positive impact our partnership will have on local communities and the environment."
With a total aggregate capacity of 152.5 Megawatts (MW dc), NT Solar's recent investments will generate nearly 250 million kilowatt hours (kWhs) of renewable energy each year. Not only is this enough energy to power over 33,000 homes a year, these installations also play a crucial role in mitigating climate change by offsetting nearly 170,000 metric tons of carbon dioxide (CO2) emissions annually. These avoided emissions are equivalent to the amount of CO2 produced by burning 190 million pounds of coal or 19 million gallons of gasoline and would require over 200,000 acres of forest to offset naturally.
Inaugural Financing Through New Impact Investment Fund
The most recent financing in Dimension Energy's portfolio was made possible through NT Solar's newest investor partnership and the newly established Renewable Investing Fund. The establishment of this fund and its successful application in financing Dimension's multi-state portfolio underscore NT Solar's role as a leader in renewable energy investing and its strengths in bringing together diverse partners to support impactful renewable energy and decarbonization projects across the country.
"We are immensely proud to have launched the new Renewable Investing Fund with the support of our new investor partner," said Karin Berry, Managing Director of NT Solar. "This partnership is a testament to our solid track record of fund management and successful transactions, paving the way for future endeavors that will continue to set benchmarks in the renewable energy landscape."
"As we step into this new era of growth under my leadership, our mission at NT Solar is front and center," stated David Clower, newly appointed President & CEO of NT Solar. "The demand for renewable energy solutions is at an all-time high, and we are actively expanding our fundraising efforts to meet the increasing demand from our robust pipeline of quality project sponsors. Our team is dedicated to fostering the development of projects that not only provide stable returns but also deliver tangible, positive impacts to communities nationwide. We invite partners to join us as we continue to innovate and lead in the renewable energy sector."
To learn more about NT Solar investment opportunities, visit www.nt.solar
About NT Solar
NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages capital for renewable and battery storage investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing for transactions nationwide, with a focus on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provide our developers with competitive pricing and stable returns for our investors. Visit www.nt.solar to learn more.
About Dimension Energy
Dimension Energy is a leading developer, owner, and operator of turn-key community solar solutions, having deployed more than 400 megawatts and $400 million into clean energy assets since its founding in 2018. Dimension plans to invest an additional $2.5 billion over the next 5 years, with more than 2.2 gigawatts of projects currently under development across 11 states. Dimension fosters long-term partnerships with each community it serves, investing in local green job creation through workforce training programs and STEM education. For additional information about Dimension, please visit www.dimension-energy.com.
About New Energy Equity
New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 500 megawatts of solar projects and closed more than $1.2 billion in clean energy investments. To learn more, visit http://www.newenergyequity.com.
About Revity Energy
Revity Energy develops, constructs, and operates renewable energy generation facilities for the benefit of community partners. Our customer-centric approach gives us an intimate understanding of the needs of the communities where we develop projects, allowing us to offer tailored, effective energy solutions. To learn more, visit: https://www.revityenergy.com/.
CONTACT: Mike Palien, NTCIC
PHONE: 202.588.6022
EMAIL: [email protected]
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SOURCE National Trust Community Investment Corporation