Denver, Colorado and Phoenix, Arizona, April 28, 2020 – SolRiver Capital LLC (“SolRiver”), a solar investment fund that acquires and owns distributed generation and utility scale projects, announced today it has closed on $30 million of construction financing with AVANA Capital (“AVANA”), a leader in commercial and renewable energy lending. The portfolio totals 24MW and consists of six projects located across the country.
Since December of 2017, SolRiver and AVANA Capital have acted as financing partners on a total of 11 projects across the country, helping to grow the clean energy revolution. This has included installations for schools, hospitals, municipalities, universities, and utilities.
Sanat Patel, Co-Founder and Managing Director at AVANA Capital, said, “We are proud to continue to build on our existing relationship with SolRiver and we look forward to successfully completing this portfolio of projects. SolRiver has been a great partner to AVANA and they are well respected in the industry.” Mr. Patel further explained, “Our experience with renewable energy combined with our expertise in solar finance, permanent debt, and the tax equity enabled us to extend the maximum construction financing available to SolRiver for this portfolio.”
“Our long-standing relationship with AVANA has been invaluable for SolRiver’s success. AVANA’s trust in our ability to deliver compelling projects has enabled SolRiver to quickly close and finance construction across the country, from Oregon to New York,” said Brandon Conard, Managing Partner at SolRiver. “Through years of working together, we have streamlined the financing process, allowing SolRiver to focus on what matters – starting construction and getting these projects built.”
“In the rapidly evolving solar market, AVANA strives to work with experienced teams, like SolRiver, who understand how to bring high-quality solar projects to completion,” said Walter Cuculic, Senior Vice President and Director of AVANA Capital’s Renewable Energy practice. “We look forward to continuing our relationship with SolRiver and making a significant impact in clean energy for years to come.”
About SolRiver Capital
SolRiver Capital (www.solrivercapital.com) is a solar investment fund dedicated to financing the development, construction, and acquisition of distributed generation (DG), C&I, and utility scale projects. 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.
About AVANA Capital
AVANA Capital is a commercial lender and asset manager specializing in niche industries including hospitality and renewable energy. Since 2002, our team has helped business owners within these industries access the capital they need to grow and thrive – leading to American job creation and economic stimulation, as well as significant clean energy improvements. More info: www.avanacapital.com