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Basalt, Soltage reach first close on $140m solar tie-up

The pair are aiming to deploy 100MW of solar across the US and have already begun construction on the first set of assets.

Transatlantic fund manager Basalt Infrastructure Partners and US solar developer Soltage have reached a $70 million first close on their capital partnership, ahead of a $140 million target.

The duo said they expect to close the remainder in the first half of 2017, which will be deployed alongside existing tax equity and debt resources.

The funds will be invested in a 100MW portfolio of solar projects across the US, varying in size from commercial and industrial-scale projects to utility-scale. Construction has already begun on the first assets, three landfill-sites projects with a combined capacity of 15MW. The projects have an agreed PPA with a municipality in Massachusetts once they become operational early next year.

“Corporate and state-level renewable energy targets, falling solar project costs and stable federal support make distributed solar America's fastest-growing generation source and an increasingly intelligent area for utilities, consumers and investors to participate,” said Jesse Grossman, co-founder and chief executive of Soltage.

Grossman’s company owns 85MW of solar across eight US states and has invested over $250 million in the last 10 years.

Basalt, formerly known as Balfour Beatty Infrastructure Partners, split from the developer earlier this year in a $64.4 million deal. It is wholly owned by its three partners.