Funding Solar Projects In California
California Solar Programs & Incentives
SolRiver Capital funds projects across the country but we do have a keen interest in certain markets, like California.
We are interested in California because of it’s strong state programs and incentives for solar, including virtual net energy metering and the LADWP FiT program. In addition, the state has a high volume of direct PPA’s and utility PPA’s with high-quality offtakers. If you’re working on a solar project in California, SolRiver will finance projects with schools, utilities, municipalities, and large corporations as offtakers.
VNEM
In CA, virtual net energy metering or VNEM allows local governments and multi-tenant property owners to generate energy in one location to apply against one or more of their meters in another location. This enables customers to use solar that would otherwise have a site unsuitable or too small for it.
SolRiver is comfortable investing in VNEM projects and has seen many California PPA’s utilize this structure.
LADWP FiT
The Los Angeles Department of Water and Power (LADWP) feed-in-tariff (FiT) offers long-term utility PPA’s for 150kW – 3MW projects under two programs (1) SetFiT and (2) BlockFiT. Under SetFiT, eligible systems recieve $0.145/kWh fixed for 20 years. BlockFiT projects are competively bid on at a $0.145/kWh rate cap.
SolRiver is very familiar with the LAWDP FiT economics under both programs and is comfortable making investments in these projects.
Utility PPA’s
A Utility PPA is an agreement between a utility and a generator, in which the utility buys power from a solar system that’s interconnected to the utility grid. In addition to buying power, it’s common to see a utility purchase renewable energy credits or RECs.
California’s RPS calls for 40% of electricity to come from renewable sources by 2024. The state has made good progress and we expect more utility PPA’s for solar to be signed in the near-term.
Direct PPA’s
A direct power purchase agreement (“PPA”) refers to an agreement between a customer and a generator, in which the customer buys power from an on-site solar system. This is a plain-vanilla structure and very common for solar projects.
While direct PPA’s aren’t unique to California, there is a significant volume of projects with direct PPA’s in the state.
Types of Projects We Look For
If you’re a developer or installer in New York, SolRiver is interested in the types of projects below.
Schools
SolRiver funds projects with educational offtakers – elementary, high school, and colleges/universities (public and private).
Examples of projects that SoRiver would fund:
- 750kW carport with Rochester City School District
- 1MW ground mount with Cornell University
Utilities
SolRiver actively looks to provide capital for projects with utilities, including ConEd, NYSEG, National Grid, PSEG, LIPA, NYPA, Just Energy, and CH Energy.
Examples of projects that SoRiver would fund:
- 15MW ground mount with Central Hudson
- 30MW ground mount with ConEd
Municipalities
SolRiver can finance most municipal solar projects selling power to a local government, town, or city.
Examples of projects that SoRiver would fund:
- 1MW rooftop with Rochester City
- 5MW ground mount with LaGuardia Airport
Corporations
For corporate offtakers, SolRiver can generally fund projects with Fortune 1000 companies.
Example of a project that SolRiver would fund:
- 900kW rooftop with KPMG
Let’s Discuss Your Project
We’re ready to look at your project. To get in touch with us, pick the option below that’s easiest for you.
Send Email
Submit via Form
You can also use our online project intake form. Answer a handful of questions about the project and our team will be notified immediately.
Use Excel Sheet
Alternatively, we can provide you a short Excel worksheet with our project inputs. Simply email the file back to us with your information and we’ll be sure to review it.