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It is nearly impossible to have a conversation about developing a solar project without someone using the phrase: “American Made.” Following the passage of the historic Inflation Reduction Act (IRA), there is more focus on domestic solar manufacturing than ever before, and companies across the supply chain are pivoting production to American shores in order to capitalize on domestic incentives. Seeing the phrase thrown around so loosely, it’s easy to wonder: what exactly does American made solar mean? And where is the industry headed?

While further guidance is required, one thing is crystal clear: the domestic content incentives included in the IRA have already sparked the American solar supply chain, with even more substantial growth expected over the next five years.The U.S. has a successful track record with regard to its technical manufacturing prowess, and there is immense opportunity for almost all elements of solar manufacturing to happen domestically. While the shift from foreign to domestic content will not happen overnight, there is good reason to believe that it will benefit the industry over the long run.

The benefits of American-made solar

Domestic solar production has obvious benefits, like decreased reliance on volatile foreign partners and good-paying American jobs. The transition will also offer advantages to the industry itself. An important and often overlooked advantage is an increase in product transparency and the quality that developers and their customers can expect from solar modules manufactured domestically.

Companies currently buying solar components produced overseas largely have to trust what suppliers tell them. Procurement professionals do their best to source ethically-produced, high-quality materials, but promises from suppliers are often unverified. In addition, solar components produced overseas endure long, carbon intensive and often bumpy journeys to make it to the states, where tariffs create additional costs for U.S. buyers and ultimately their customers. Manufacturing solar in the U.S. would increase access and transparency during the procurement process and dramatically reduce shipping risks and time tables.

Additionally, stricter regulations in the U.S. significantly reduce the potential for human rights and environmental violations. The clean energy transition is absolutely vital to our shared future, but it needs to be done as safely and ethically as possible. Sourcing materials from the U.S., where labor and environmental regulations are more easily monitored, will ensure more consistent quality and greater peace of mind about our industry’s impact.

From diminished reliance on foreign powers, to greater certainty about product quality and supply chain ethics, the American solar manufacturing boom will benefit developers and the industry on the whole. While production isn’t yet to the scale required for our current pace of clean energy development, the next few years will see the U.S. solar manufacturing industry come into its own.

Supporting American-made solar

The IRA’s domestic content adders represent a massive step forward in creating a vertically integrated American solar supply chain, but they aren’t the whole story. In order for the industry to thrive, developers need to encourage domestic production and innovation.

While American solar manufacturing is maturing, it will carry a cost premium above the IRA domestic content investment tax credit adders. Analyzed over the course of product lifetime and the risks carried, however, American-made solar products will be the best choice. Companies and procurement professionals will need to balance cost with the long term benefit of bolstering American manufacturing and having technical support closer to home.

American solar manufacturing will need the industry’s support to reach its full potential. Established developers in the distributed generation space, such as Encore Renewable Energy, have a unique opportunity to support the early days of American made solar. While manufacturing facilities get off the ground, their production output will be lower, creating the perception that their products are insufficient for large-scale orders.

About the author: Colin Diamond is director of project estimation and procurement for Encore Renewable Energy.

EagleView has launched a new geospatial and analytics solution for solar developers. The new EagleView Developer portal provides a single point of access for the company’s APIs and developer resources. The portal will help developers to more easily use EagleView’s extensive geospatial intelligence and analytics solutions. EagleView Developer was designed with the documentation, tools and technology... View Article

The portal will help developers to more easily use EagleView’s extensive geospatial intelligence and analytics solutions. EagleView Developer was designed with the documentation, tools and technology that would allow the company’s growing number of partners to build their own applications and solutions, harnessing the power of EagleView’s world-class library of aerial images.

EagleView Developer provides a curated experience, with access to use cases, developer guides, a growing API catalog, security and authentication requirements, and a partner dashboard with access to environments for testing. Once connected into the portal, companies can power their business with property insights that help them make informed decisions and drive innovation.

“EagleView Developer is a powerful leap forward in the quality and breadth of geospatial intelligence available for solution developers,” said Tripp Cox, CTO of EagleView. “With its ease of access and the range of assets supporting it, we envision EagleView Developer as the leading resource for those seeking to unleash powerful property insights within their platforms.”

Whether building a marketing tool, business application or full-service platform, companies will be able to leverage EagleView Developer and create customer-centric solutions that fully utilize the largest library of highly accurate spatial data.

This easy-to-use developer portal includes industry standard sandbox, app approval, and detailed documentation that is continuously enhanced-features designed to deliver best-in-class customer experience. Now with EagleView, developers from numerous industries can build solutions for their customers using cutting-edge geospatial and property data.

EagleView is a leading provider of accurate and insightful geospatial intelligence which can be leveraged by a range of industries. From roof pitch and eaves count to detailed structure and lot measurements to sun exposure and vegetation encroachment to solar exposure and building orientation to roof condition and other property risks, the possibilities for developers to generate productive analyses based on this deep set of geospatial data and analytics are nearly limitless.

“EagleView Developer represents our commitment to innovating and expanding our capabilities, by providing our partners with the tools, insights, and perspectives necessary to build a better, more sustainable and informed world together,” said EagleView chief product officer Jamison Shaver. “As a global leader in geospatial technology, we want to continue empowering organizations to make informed decisions, drive innovation, and transform the way people view and interact with spatial data.”

Ziegler Energy Solutions and Heliene Inc. are partnering to provide solar power solutions to municipal, commercial and industrial companies across the Midwest. The companies have inked a three-year purchase agreement for Heliene to provide solar modules for Ziegler projects and a joint commitment to bring domestically sourced and manufactured solar energy solutions to support customers in the region.... View Article

Ziegler Heliene purchase agreement — Ziegler president William M. Hoeft (left) and Heliene CEO Martin Pochtaruk shake hands after announcing a three-year partnership to provide U.S.-sourced and manufactured solar panels to customers across the Midwest.

Drawing on a 110-year legacy of selling and servicing the premier brands in construction and agriculture equipment, Ziegler Energy Solutions expands the growing family of Ziegler Companies to bring vast knowledge and expertise to the renewable energy and distributed generation space. The team supports its customers by simplifying complex energy systems and effectively integrating clean energy with a suite of innovative power solutions, superior equipment, and industry-leading customer experience.

“Leveraging Ziegler’s long history in power generation and Heliene’s high-quality, American-made solar modules, we’re bringing the resources, equipment and technology needed to help customers integrate renewable power in their large-scale, utility-type projects,” said William M. Hoeft, president of Ziegler Companies.

Heliene is one of North America’s fastest-growing domestic solar module manufacturers serving the utility-scale, commercial, and residential markets. The company delivers competitively priced, high-performance solar modules to accelerate the region’s clean energy integration.

To share the partnership announcement, Hoeft and Heliene’s CEO Martin Pochtaruk welcomed key customers and industry partners to Heliene’s Mountain Iron, Minnesota, production facility, one of their two manufacturing sites dedicated to producing up to 4,800 premium solar panels daily — or more than 1.7 million solar PV modules annually. Attendees were invited to tour the facility to experience how Heliene solar PV panels are made.

“This partnership with Ziegler Energy Solutions is instrumental to Heliene’s goals in growing and strengthening the U.S. solar market,” Pochtaruk said. “Together, we have the capacity to respond to the increasing need for clean energy solutions, while creating well-paying jobs for Americans, strengthening our domestic workforce.”

As energy prices increase, the lower cost of solar energy is driving demand in the commercial solar market. The passage of the Inflation Reduction Act (IRA) in August 2022 also created a wave of investment and optimism for the future growth of the solar industry — while offering tax credits to help American businesses invest in solar panels. Companies can now receive a federal credit equal to 30% of the solar project cost, along with additional benefits and local financial incentives.

“Solar is the simplest renewable energy source to implement because it uses already-available roof or green space. And with no moving parts, robust warranty coverage, and a long-life expectancy, a quality solar PV system provides decades of low-cost energy with minimal maintenance required,” Hoeft said.

Ziegler Energy Solutions was created to help Midwest customers lead the charge to integrate renewable power with smart energy storage and conventional diesel- or gas-fueled power generation. From site assessment to project development, the team delivers comprehensive support services that ensure quality and dependability from initial consultation to commissioning, warranty, parts and financing solutions.

Ohio is getting a double dose of solar, as National Grid Renewables has started construction at neighboring projects in southern Ohio. Once operational, the Ross County Solar Project and the Fayette Solar Project will deliver a combined 167.5 MW of clean solar power in Ross and Fayette counties, respectively. “Ross and Fayette mark our second and third projects to break... View Article

“Ross and Fayette mark our second and third projects to break ground in Ohio, the first being our Yellowbud Solar Project, in Ross and Pickaway counties,” said Joe Ibrahim, VP of construction and engineering at National Grid Renewables. “We’re excited to extend our partnership with communities both locally and statewide, and we look forward to bringing these projects through construction into operation to benefit our neighbors and landowners.”

Both projects are being constructed by Kiewit Power Constructors Co. and will utilize solar modules developed and produced by First Solar Inc., who has a manufacturing plant near Toledo, Ohio.

“The success of the Yellowbud Solar Project is the result of National Grid Renewables’ strong collaboration with First Solar, Kiewit, and the community,” said Jake Lathers, project manager for Kiewit Power Constructors. “We look forward to continuing this partnership through the construction of the Ross and Fayette solar projects, which will provide clean, reliable energy to the local area along with additional economic benefits and training opportunities.”

At 120 MW, Ross is anticipated to produce an estimated $27 million in new tax revenue throughout its first 25 years of operation. Fayette, a 47.5 MW project, is estimated to create $10.6 million in tax revenue during that same period. Together, the projects will also donate approximately $670,000 through local charitable funds. Using the United States Environmental Protection Agency’s (EPA) greenhouse gas equivalencies calculator, the projects are estimated to offset carbon dioxide emissions by 145,000 metric tons annually.

The Kentucky Public Service Commission (PSC) has approved a major solar energy buildout while also reducing fossil fuel consumption in the state. The PSC issued a landmark decision on Nov. 6 in a case brought by Louisville Gas & Electric and Kentucky Utilities Co. (LG&E-KU). The order will have major long-term impacts not only for... View Article

The Kentucky Public Service Commission (PSC) has approved a major solar energy buildout while also reducing fossil fuel consumption in the state.

The PSC issued a landmark decision on Nov. 6 in a case brought by Louisville Gas & Electric and Kentucky Utilities Co. (LG&E-KU). The order will have major long-term impacts not only for LG&E-KU’s ratepayers, but for the future of energy and the environment in the state.

In the order, the PSC denied construction of one of two proposed gas plants, approved the retirement of two coal plants and three gas plants while deferring retirement of two other coal plants, and approved a major buildout of solar facilities, a utility-scale battery plant, and a significant expansion of customer energy efficiency programs.

The order approved all six of the utilities’ proposed solar facilities, which at a combined 877 MW will produce enough energy to serve about 90,000 homes. The PSC approved the solar facilities because of the “significant savings” they would offer to customers. The commission also approved a 125 MW battery, another landmark development, as this will be by far the largest utility-scale battery in Kentucky. The commission noted the essential role batteries could play in the ongoing energy transition in Kentucky as utilities shift away from fossil fuels to cleaner renewable resources.

The Mountain Association, Metropolitan Housing Coalition, Kentucky Solar Energy Society and Kentuckians for the Commonwealth, who collectively intervened in the case, were disappointed with the PSC’s approval of a new natural gas plant and choice to keep two aging coal plants open. However, the order offers major advances for clean energy in Kentucky and indicates that the PSC is weighing the risks of new and existing fossil fuel plants pose to ratepayers.

“This order is a major victory for clean energy in Kentucky,” said Andy McDonald of the Kentucky Solar Energy Society. “LG&E-KU proposed the largest-ever build-out of solar in Kentucky and the Commission approved their entire proposal because it will improve reliability and lower costs for customers.”

The new multi-billion-dollar gas plant will be paid for by ratepayers, the same ratepayers who were left in the dark and cold last winter when gas and coal-fired power plants failed during Winter Storm Elliott. For years, activists have been calling for utilities to invest more heavily in renewable and efficiency programs to avoid just this situation, with little response. LGE-KU must not ignore this opportunity to ramp up efficiency programs, solar energy, and battery storage to make any additional gas plants unnecessary.

This was the first case considered by the Commission since passage of Kentucky Senate Bill 4 earlier this year, a bill aimed at making it harder for utilities to retire old coal plants. The new statute requires utilities to receive approval from the PSC before retiring fossil fuel generators. The ruling provided the first indication of how the Commission would implement the statute.

“Successful energy efficiency programs can save enough energy to offset the need for new power plants and that’s the lowest cost solution for customers. But it takes time to ramp up energy efficiency programs, so utilities need to make their efficiency plans before they start planning for the next generation of power plants,” said Chris Woolery of the Mountain Association. “While we are pleased that LG&E-KU are rolling out these new efficiency programs, there’s so much more they could do. In ‘Pay As You Save’ programs, the utility invests in energy upgrades in customer’s homes and businesses. The investment gets paid back through the utility bill, while the customer enjoys home improvements and lower bills.”

The joint intervenors were represented in this case by the Kentucky Resources Council and Earthjustice, who each provided pro bono legal representation.

CEP Renewables and Luminace have achieved commercial operation of the 10 MWdc BEMS community solar landfill project in Southampton, New Jersey. Located on the Big Hill Landfill, the project is part of New Jersey’s Community Solar Energy Pilot Program and is the first-of-its-kind in the state for having two 5 MW solar systems atop a... View Article

CEP Renewables and Luminace have achieved commercial operation of the 10 MWdc BEMS community solar landfill project in Southampton, New Jersey.

Located on the Big Hill Landfill, the project is part of New Jersey’s Community Solar Energy Pilot Program and is the first-of-its-kind in the state for having two 5 MW solar systems atop a landfill that span across two utility territories. This fixed tilt project uses ballasted solar racking technology from Terrasmart, along with bifacial solar panels.

In addition to converting a previously limited use site into a solar power plant, the project has enabled the township to recoup approximately $2 million in back taxes and interest. The majority of the several thousand households powered by this project are low-to-moderate income (LMI). CEP Renewables developed the project and contracted CS Energy to perform the role as EPC contractor throughout the construction phase. Luminace, a Brookfield Renewable company, is the long-term owner and operator of the project.

“The BEMS project builds upon the success of our redevelopment project in Mount Olive, New Jersey, the largest solar landfill project in North America, through the use of a similar process with this project,” said Chris Ichter, executive VP of CEP Renewables.

Similar to CEP Renewables’ Mount Olive project, the BEMS project real property was also purchased through the redevelopment and tax lien foreclosure process, which was completely unique prior to the Mount Olive project. Long abandoned by its former owner, the Big Hill landfill site accrued millions of dollars in tax liens. CEP addressed this issue by brokering a public-private partnership with the Township that involved CEP acquiring the tax liens from the Township, paying back all past-due taxes and foreclosing on the landfill property. CEP is now the owner of this site, and the Township has been able to recoup roughly 40 years of interest and back taxes.

“This project continues to expand our New Jersey solar footprint that we’ve built over the last decade and contributes to our growth strategy across the U.S. to expand the decarbonization-as-a-service solutions available to our valued customers and communities that we serve,” said Brendon Quinlivan, CEO of Luminace.

In addition to turning a closed waste disposal site into a revenue generating asset, the BEMS project also contributes to New Jersey maintaining its ranking as the number one U.S. state for both installed solar capacity per square mile as well as for the most planned community solar capacity serving LMI households. This project also adds to CEP’s over 100 MW of solar projects developed in the state and further supports the state in achieving its goal of 100% clean electricity by 2035.

The home battery storage space is getting crowded (as you’ll see in the 2024 Energy Storage Buyer’s Guide). One intriguing contender is Bluetti, which has built its brand in the portable battery market, but now has robust (but simple) products for solar pros to install. “We’re really well known in the consumer space,” says Brian... View Article

“We’re really well known in the consumer space,” says Brian Shircliffe, sales director with Bluetti. “We manufacture anywhere between you know 200 watt hour to about 18,000 watt hour portable batteries. These are ones that you can take out camping, use them in emergency situations, you can charge them portable solar panels.”

So, how does that background change Bluetti’s approach the solar + storage home backup segment? The difference is in Bluetti “scaling up” what it does, versus many other manufacturers trying to scale down. The result is simplicity.

“So, instead of having multiple components that makes sense on a large commercial building or an open field — the inverter, the battery, some switching devices — we were able to miniaturize all that into one unit, with stackable batteries, that is already kitted,’ Shircliffe explains. “You’re able to install it within a very short amount of time.”

On this episode of The Pitch, Shircliffe walks us through the finer points EP900 – Bluetti’s newest system for stationary whole home backup – as well as the virtues of pitching portable batter options to customers.

1:08 – How does Bluetti’s portable power tech impact its whole home approach?
2:37 – Overview of the EP900
6:00 – Why operate in high voltage?
6:52 – Where should I install the EP900?
7:32 – How does it handle time of use discharging?
8:13 – Should installers also sell portable batteries as a lower cost option?

Overview of Bluetti EP900

Crowell: “I want to dig deeper into the EP900. This is 7.6 kW modular home energy storage system. It is scalable from 9.9 to 19.8 kWh, and it can be connected to solar. It has a 9 kW PV input, and you can connect a generator to it. “Could you walk us through some of the nuances?”

Shircliffe: “The way it’s installed is very similar to say a whole home generator.”

Bluetti EP900 — Screenshot of the EP900 demo.

The top box is the hybrid inverter and “only all-contained mid device I know of on the market,” Shircliffe says. It sits atop two batteries.

“The ac side makes the biggest difference in my opinion,” Shircliffe says. It features:

Connected in parallel, with high voltage batteries

“Another thing to mention is our battery, even though it looks like it’s in series, it’s actually in parallel, and it is not low voltage. A lot of the other batteries use 48 volts, we use 99,” Shircliffe says. “Amps cause heat, right? So you want to have higher voltages to be able to carry more current at lower amps, so you’re not generating as much heat with the resistance. That’s why those cables are very thick, and the amphenol connector is a metal all around.

“The BMS is even looking at it as four independent batteries, as opposed to here’s battery one, two, three, four, and they’re all draining and charging at the exact same rates. So, the higher voltage just enables us to charge it and discharge it safer and for higher capacities like 9 kW.”

Where is this typically installed? Are there outdoor installation restrictions?

“Most of the feedback that we’ve gotten is they are installing it indoors in their garage or basements. The ones that are installing them outside, we have a power shelter. It looks very similar, in my opinion to a garden shelter. Other than the word Bluetti on it, there’s nothing on it that says, ‘hey, there’s a battery in here.’”

Standard Solar aims to propel solar energy adoption in Virginia with the acquisition of a 12 MW community solar project portfolio from New Leaf Energy. These projects in Chatham and Kilmarnock mark the company’s debut in Virginia’s community solar market. “These community solar projects are more than just an important addition to our portfolio; they represent our... View Article

“These community solar projects are more than just an important addition to our portfolio; they represent our unwavering commitment to expanding access to solar for all,” said Harry Benson, director of business development for Standard Solar. “By providing localized job opportunities and significant allocations for low- and moderate-income customers, these projects embody our vision of a cleaner, more equitable energy future.”

The three projects, one in Chatham and two in Kilmarnock, Virginia, are transforming the state’s energy landscape. The Kilmarnock projects, with a combined capacity exceeding 7 MW, are exclusively allocated to low- and moderate-income (LMI) customers. These projects will empower communities and individuals who may not have had access to clean energy options before.

Once completed, the single-axis tracker systems are expected to generate an estimated 19,811 MWh of clean energy annually, significantly reducing carbon emissions and contributing to a greener and more sustainable future for Virginia.

This acquisition represents a significant milestone in Standard Solar’s ongoing partnership with New Leaf Energy and underscores the company’s expanding project portfolio within Virginia. It aligns with the company’s mission to make clean energy accessible to all while also contributing to the growth of renewable energy generation in the state.

“New Leaf Energy’s mission is to accelerate the transition to a world powered by renewable energy,” said New Leaf Energy executive VP of project finance Brendan Neagle. “Community solar projects are an integral piece of that world, and we’re so proud to partner with Standard Solar as they invest in that mission in Virginia.”

In addition to these projects, Standard Solar is taking a leadership role in advancing the shared solar landscape by supporting approximately a dozen other projects currently in Dominion Power’s queue. The company is providing crucial investment dollars and a range of services, including subscriber management and engineering and construction support, to help drive these initiatives forward, ensuring a brighter, more sustainable future for the Commonwealth of Virginia.

“Projects like these represent a turning point in the state’s clean energy journey,” Benson added. “Standard Solar firmly believes that the success of these projects will showcase the paramount importance of eliminating barriers to distributed generation, particularly through shared solar programs.”

AHA Dream Homes is now part of an exclusive pool of Tesla Certified Homebuilders in the Austin, Texas area. This paves the way for the integration of Tesla Solar Panels into AHA’s green building homes. AHA Dream Homes provide zero-energy capable homes with cutting-edge technologies like Geothermal HVAC and Tesla PV Solar Panels, which help... View Article

“We’re excited to integrate cutting-edge Tesla technology into our homes, truly transforming the way you power your life without the hefty carbon footprint,” said Fred Herrejon, President of AHA Dream Homes. “With a commitment to environmental responsibility, our zero-energy capable homes provide residents with a budget-conscious, yet uniquely eco-savvy lifestyle. In a real estate industry dominated by cookie-cutter builders, this certification is a commitment to world-class living spaces and eco-friendly innovation.”

The builder’s most promising project yet is nestled within Whisper Valley, a 2,063-acre master-planned community in East Austin. These new properties in Phase 3 of Whisper Valley will come equipped with Tesla Solar Panels.

As a Tesla Energy Certified Homebuilder, AHA Dream Homes also offers an option to upgrade to Tesla Powerwall and Tesla Wall Connector, which ensures rapid charging for electric vehicles.

AHA Dream Homes also integrates the innovative ZIP System Roof & Wall Sheathing to guarantee superior insulation and airtightness. By reducing heat loss and ensuring consistent indoor comfort, these green building homes possess impressive HERS scores, often dipping into the single digits.

AHA Dream Homes is offering exclusive promotional financing options for inventory homes. As part of the builder’s commitment to making sustainable living affordable and accessible, these financing opportunities will enable more individuals and families to join the Whisper Valley community and enjoy the benefits of eco-friendly homeownership.

Several solar developers have secured financing to advance construction projects across the United States. Renewable Properties, DSD Renewables, Altus Power and Strata take center stage in Solar Builder’s latest Solar Financing Spotlight. Renewable Properties has secured $25 million in development capital from West Town Bank and Trust. The line of credit will enable the company to... View Article

Renewable Properties solar financing — A Renewable Properties solar project in Northern California.

Renewable Properties has secured $25 million in development capital from West Town Bank and Trust. The line of credit will enable the company to advance the development of its 1 GW pipeline of community solar and energy storage projects across the United States.

Over the next two years, the funding will enable Renewable Properties to start construction on more than 200 MW of community solar and energy storage projects in its primary markets of California, Illinois and New York.

In addition to supporting the development of its community solar pipeline, the company will use a portion of the funds to launch a new electric vehicle charging infrastructure service that will target medium to heavy-duty electric truck fleets, primarily focused on last mile deliveries.

“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,” said Aaron Halimi, founder and CEO of Renewable Properties.

West Town has been a Renewable Properties finance partner since 2019, when it provided the developer with construction and permanent loans for the company’s first portfolio of projects. Since then, West Town has participated in further portfolio financings for Renewable Properties, providing construction and permanent loans for 38.5 MW of projects, totaling $50 million.

DSD receives $250 million investment from Cox Enterprises

DSD Renewables has received a $250 million strategic investment from Cox Enterprises Inc. to support the developer’s growth as it continues to realize its mission of accelerating renewable energy deployment.

This investment is Cox’s largest renewable energy investment to date and demonstrates the investor’s commitment to building a more sustainable future. Cox is increasingly focused on cleantech and renewable energy, with substantial investments and acquisitions across a range of sustainable technologies. Cox remains dedicated to making a positive and lasting environmental impact on the world by supporting leading businesses.

“This significant investment from Cox marks a pivotal milestone for DSD, enabling our continued evolution to becoming an influential market leader,” said Erik Schiemann, CEO at DSD. “Our growth, initially fueled by BlackRock’s faith in us, now enters a new chapter with Cox that will advance our position as a cleantech leader and scale our business. This partnership is a testament to how far we’ve come and our unwavering commitment to accelerating renewable energy solutions deployment.”

BlackRock’s Climate Infrastructure business is currently and will remain the majority stakeholder in DSD, alongside Cox.

Altus Power closes on $200 million construction loan

Altus Power Inc. has closed on its Blackstone Construction Facility. The loan is designed for the construction of commercial solar assets and includes capacity of $200 million to fund costs including equipment, labor, interconnection as well as development fees.

“In an environment where bank lending and conventional construction facilities are extremely limited, Altus Power has secured an additional line of capital from Blackstone which can be used to fund our construction activity,” said Dustin Weber, CFO of Altus Power. “This new facility provides a significant advantage as we look to optimize our working capital to support our targeted expansion in 2024 and beyond.”

Altus cofounder and co-CEO Gregg Felton said the company was built to be resilient and capable of prospering in various market environments.

“This first-of-its-kind facility demonstrates our team’s financing ingenuity and our long-standing Blackstone relationship,” Felton added. “Together with Blackstone, we designed this construction facility to leverage the strong appetite of insurance capital which provides long-term financing and will now also finance Altus during the construction period.”

Strata secures $300 million loan to expand project development pipeline

Strata Clean Energy announced the closing of a $300 million new revolving loan and letter of credit facility to expand its operational fleet and accelerate the commercialization of its diversified 17+ GW development pipeline.

Nomura Securities International Inc. led the financing, acting as Sole Coordinating Lead Arranger, Bookrunner, and Nomura Corporate Funding Americas LLC as Administrative Agent, with First Citizens Bank and ING Capital as Joint Lead Arrangers alongside five other participant banks. Notably, this loan adheres to a Green Financing Framework in accordance with the 2023 Loan Syndications and Trading Association (LSTA) Green Loan Principles, demonstrating Strata’s steadfast commitment to environmental responsibility. Nomura and ING Capital acted as Green Structuring Agents.

The proceeds of the loan will support the development, construction, and operation of Strata’s upcoming renewable energy, energy storage, and Power-to-X projects. This facility also provides working capital for Strata’s growing EPC and O&M divisions, both of which have played a pivotal role in the Company’s 15-year history of high-quality execution for its own Independent Power Producer (IPP) and third-party customers.

“This facility strengthens Strata’s liquidity position and enables us to drive forward with groundbreaking and economically viable renewable initiatives in markets nationwide,” said Alice Heathcote, CFO of Strata Clean Energy. “The support of our financial partners is instrumental in propelling us forward as a leading fully-integrated cleantech platform, offering a comprehensive one-stop solution for development through construction, with an unwavering commitment to quality.”

Nixon Peabody and Norton Rose Fulbright acted as Borrower’s and Lenders’ counsel respectively.