Harrison Street, an investment management firm, acquired a 28 MW of solar project from Soltage, a solar project developer and independent power producer. The solar project is located in Warren County, Ohio, on land owned by the Cincinnati Zoo in the PJM power market.
The project was originally developed by Melink Solar Development and is fully contracted for ten years with two power purchase agreements. Indiana-based EPC contractor, Inovateus Solar, is building the Project, and a subsidiary of Nelnet, will serve as the tax equity investor for the Project. Christopher Merrill, Harrison Street Co-Founder, Chairman, and Chief Executive Officer, said “As demand for high-quality renewable energy assets continues to rise, we are excited to further build upon our firm’s expertise investing in renewables and other clean energy infrastructure that advances our nation’s evolving sustainability goals.”
“The Cincinnati Zoo & Botanical Garden has been working behind the scenes for over a decade to be able to leverage a portion of our farm property for a significant solar array. We are excited to finally see this dream come to fruition, furthering our commitment to clean, renewable energy. This project is a win for our community, our partners, and our environment,” said Mark Fisher, Vice President at Cincinnati Zoo & Botanical Garden.
Recently, Greenbacker, a sustainable infrastructure investment firm, acquired 7.6 MW of nine pre-operational solar projects from Norwich Solar. When completed, the projects will lower power bills for local farmers and give new life to brownfield sites restricted from most uses. The projects have long-term Net Metering Agreements with over 30 agricultural off-takers—local farms and dairies across the state.
According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021.