Infiniti Energy closed on an up to $87 million tax equity facility and a $30 million construction revolver earmarked to support a portfolio of commercial solar projects.
The financing will support 34 MW of commercial and industrial solar projects located in New Jersey, Infiniti Energy’s home state. The portfolio will be comprised entirely of power purchase agreements for all sites. Infiniti Energy will build, own and operate all sites and work with a group of solar off-takers, including retail, large multi-family residential, commercial and industrial clients.
The closing of this financing comes after a partnership Infiniti Energy formed in 2021 with Upper Bay Infrastructure Partners (Upper Bay), which invested in Infiniti Energy with a focus on the development and acquisition of solar assets.
“The Infiniti Energy team is excited about the opportunity this financing represents,” Michael Kushner, CEO of Infiniti Energy, said. “It is an important step to expand Infiniti Energy’s owned solar portfolio while positively impacting our clients, the environment and our investors. Innovation and client service are built into our company DNA. Working with exceptional financial partners who help us fulfill the needs of the market and clients is a huge boon to expanding our solar offerings.”
Construction is underway on the 34 MW portfolio, with completion expected by the end of 2022.
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