Soltage and NewWorld Capital Group increase solar portfolio with additional 3.5 megawatt project
Friday, Dec 06, 2013
NEW YORK, Dec. 5, 2013 /PRNewswire/ -- Soltage, LLC announced today that it has completed a portfolio upsizing with an additional investment by NewWorld Environmental Infrastructure, L.P. The new project, a 3.5-megawatt (MW) solar photovoltaic power station to be constructed in Oxford, Mass., is the seventh project in a previously announced partnership between NewWorld and Soltage to develop and operate a portfolio that now totals more than 15 MW of solar power assets.
The Oxford solar power station is expected to generate more than 4 million kilowatt-hours of electricity annually for a consortium of four municipalities located in Central Massachusetts. Power will be purchased under agreement for at least 20 years.
Jesse Grossman, Soltage co-founder & CEO stated: "We are excited about expanding our investment with NewWorld and to receive another strong endorsement from such an acclaimed leader in the energy finance community. We are looking forward to launching the Oxford power station and are proud of the part that we will play in the coming years in providing these Massachusetts municipalities with affordable and reliable clean power."
"This additional capital deployment is a cornerstone of our clean energy capital investment strategy, and we are pleased to be continuing to work alongside such an exceptional solar energy company as Soltage," commented Everett Smith III, a founding partner of NewWorld Capital.
"This is a further affirmation of our shared vision to help reduce the cost of electricity in the region, while at the same time creating jobs, promoting environmental responsibility and generating attractive financial returns."
NewWorld Environmental Infrastructure partnered on the investment with CleanTech Alliance Fund, managed by North Sky Capital of Minneapolis, Minn. Soltage is backed by a group of investors, including Tenaska, one of America's largest independent energy companies, with approximately 11,000 MW of power generating assets under management.