Infiniti Energy, an independent solar power producer providing EPC and long-term financing, announced the closing of up to an $87 million tax equity facility and a $30 million construction revolver facility to support an expanding portfolio of commercial solar projects in the U.S.
The funding supports 34 MW of commercial and industrial (C&I) solar project portfolio located in New Jersey. The portfolio will be comprised entirely of all sites’ power purchase agreements (PPAs). Infiniti Energy will build, own, and operate all projects working with various groups of solar offtakers, including retail, large multi-family residential, commercial, and industrial clients.
The construction works of the portfolio are underway, and expected to be completed by the end of 2022.
Founded in 2015, Infiniti Energy, with its partners, has designed, consulted, engineered, built, and managed the installation of over 100 MW of solar PV projects.
“It is an important step to expand Infiniti Energy’s owned solar portfolio while positively impacting our clients, the environment, and our investors,” said Michael Kushner, Infiniti Energy CEO.
“Working with exceptional financial partners who help us fulfill the needs of the market and clients is a huge boon to expanding our solar offerings,” Kushner added.
Matrix Renewables, the TPG Rise-backed global renewable energy platform, recently signed a $92 million tax equity funding for the US Gaskell West 2 and Gaskell West 3 projects. An affiliate of Bank of America is providing the tax equity. The Gaskell West 2 and 3 projects have an installed capacity of 143 MW of solar and an 80 MWh energy storage system, located in Kern County, California. The projects are fully contracted, holding five long-term power purchase agreements with utilities and cities in California.
According to Mercom’s Q1 2022 Solar Funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion, a 27% increase compared to $7.1 billion in Q4 2021.