DENVER, Co., Oct. 14, 2021 (GLOBE NEWSWIRE) — SolRiver Capital, a national solar investment fund, today announced the acquisition of a portfolio of community solar and utility-scale solar PV projects from developer Sulus Solar. The portfolio consists of 14 projects across the state of Oregon totaling 38 MW-DC. Once completed, the projects will produce over 60 million kilowatt hours of clean electricity annually, which is enough to power more than 5,100 homes each year and is the equivalent of planting over 700,000 trees.
The portfolio includes a combination of utility-scale PURPA and community solar projects. As a part of Oregon’s Community Solar Program enacted under Oregon Senate Bill 1547 in 2016, the clean energy produced by a portion of the projects within the portfolio will be sold to customers in both Portland General Electric and Pacific Power utility territories.
SolRiver Capital is investing over $52 million in Oregon to complete these projects. “We are excited to contribute to the burgeoning clean energy ecosystem in the Pacific Northwest,” said Brandon Conard, Partner at SolRiver Capital. “We forged this strategic partnership with Sulus Solar due to their extensive experience developing successful projects in Oregon. We look forward to continuing to nurture our partnership as the portfolio takes shape over the coming months.”
“Oregon’s clean energy bill, signed by Governor Brown earlier this year, set one of the most ambitious timelines in the country for transitioning to 100% clean energy sources. The path to reaching this goal will require help from all communities across the state. We’re thrilled to partner with SolRiver Capital to offer Oregonians easier access to solar energy and the ability to support the transition to a clean energy economy,” said Conor Grogan, co-founder of Sulus Solar.
Following the Oregon Public Utility Commission’s recent approval of updates to the Community Solar Program allowing additional residential and low-income customer enrollments in the program, the portfolio will help provide the additional solar energy supply needed to meet increasing demand as access to solar energy improves. On top of the environmental benefits, the construction, along with the ongoing operations and maintenance of these projects will contribute to building a robust workforce enabling a green economic recovery. Construction is expected to commence on initial projects in the spring of 2022.
About SolRiver Capital
SolRiver Capital (www.solrivercapital.com) is a solar investment fund dedicated to financing the development, construction, and acquisition of distributed generation projects. Focusing on solar and storage, SolRiver owns and operates projects across the U.S. from Oregon to New York. Founded in 2016, SolRiver’s team combines top-tier developers, financial professionals, and operational experts with over 10 years’ experience each. The group has developed and managed over $400MM of solar totaling 180MW of capacity from 300 projects. For more information on SolRiver Capital, visit SolRiverCapital.com.
About Sulus Solar
Sulus Solar is an Oregon-based leading utility-scale solar development company who partners with communities and people to produce clean energy at no cost to the landowner. Our vast portfolio within the state exceeds 20 solar facilities across Clackamas, Marion, Polk, Washington, Linn, Douglas, and Jackson Counties. Oregon Solar is our specialty. For more information on Sulus Solar, visit sulus-solar.com.