Scale Microgrid Solutions has decided to try its hand at community solar development and ownership.
The company, perhaps better known for its customized microgrid projects, is acquiring 100 MW of community solar projects in late-stage development in New York from Netherlands-based developer CSG-Gutami. Scale will construct, own, and operate the assets.
Terms were not disclosed.
Scale has previously financed community solar projects developed by Urban Energy, including a 620 kW rooftop community solar system in Yonkers, New York.
A spokesperson for Scale told Renewable Energy World that the community solar assets will offer its microgrid customers an option to balance their electricity use while allowing the company to unlock its technical, economic, and commercial efficiencies.
Scale Microgrid Solutions recently secured a $225 million debt facility that it plans to use to expand its portfolio and limit risks that come with microgrids.
The non-recourse construction-to-term project finance debt facility is the first of its kind for a microgrid and energy transition portfolio transaction, Scale said. The financing is linked only to assets and contracts and does not imply a guarantee from Scale or its equity investor Warburg Pincus, limiting the risk to both.
The debt will be used to fund the construction and operations of a portfolio of microgrids, combined heat and power systems, community solar, rooftop solar, battery energy storage systems, and microgrid electric vehicle infrastructure projects in markets including California, Oregon, the District of Columbia, Pennsylvania, Delaware, Colorado, North Carolina, New Jersey, and New York.
Earlier in March, Scale announced the acquisition of 23 operating distributed solar projects “from a leading solar asset owner,” without providing additional details about the projects or original owner. The transaction was executed through LevelTen Energy’s marketplace.
The acquisition also added FedEx and Colorado State University-Pueblo to Scale’s list of corporate clients.