Renewable Properties, a small-scale utility and community solar developer, has secured a significant development capital investment of $25 million from long-term partner West Town Bank and Trust. This marks a continued collaboration, with West Town having provided a total of $50 million in support for 38.5MW of projects since 2019.
The capital infusion will empower Renewable Properties to commence construction on more than 200MW of community solar projects in key states such as Illinois, California, and New York over the next two years. Additionally, a portion of the funding will be directed towards launching a new electric vehicle (EV) charging infrastructure service targeting medium to heavy-duty electric lorry fleets.
As of the third quarter of 2023, Renewable Properties' current project pipeline includes 37 projects in various stages of operation and construction, totaling over 152MW. The company also has over 1GW of community solar projects under development across the United States.
Aaron Halimi, Founder and CEO of Renewable Properties, expressed satisfaction in working with reliable partners like West Town, stating, “This new line of credit will enable us to bring solar access to even more Americans and to expand our business into EV fleet charging, an area that remains underdeveloped.”
Renewable Properties aims to contribute to the growth of US community solar, a sector poised for significant expansion, buoyed by recent financial incentives announced by the Department of Energy (DOE) and the Inflation Reduction Act (IRA). The tax breaks, particularly for low- to moderate-income households and communities, are expected to catalyze change in the community solar landscape. The DOE's clarification of the Low- to Moderate-Income (LMI) tax adder, offering a 10-20% credit to projects in LMI, tribal, or ‘underserved' areas, further reinforces the positive outlook for community solar projects.
