Unico Solar Forms New Joint-Venture Partnership
Unico Solar Investors (“Unico Solar”), a wholly-owned subsidiary of Unico Investment Group that develops, owns, and operates solar energy systems, and Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, have entered into a long-term programmatic joint-venture partnership to build, own and operate a 250 MW pipeline of commercial and industrial (“C&I”) solar projects located across North America.
Unico Solar will leverage its vast commercial real estate network and expertise to develop and manage the portfolio. Excelsior, through its North American Renewable Energy Fund, will acquire the projects into its portfolio upon start of construction, with Unico Solar overseeing construction and asset management while maintaining a minority equity position.
The C&I portfolio will be comprised of ground-mount, rooftop and carport solar projects totaling approximately 250 MW, located across multiple U.S. states including Colorado, Arizona, California, Hawaii, Massachusetts, Nevada, New Jersey, New York, Oregon, and Washington, among others. The projects will sell clean electricity to a diversified mix of consumers, including commercial businesses, property owners, municipalities, education institutions, utilities, and other credit-worthy C&I customers under long-term power purchase agreements. Construction of the first set of projects is expected to begin in Q3 2020. Excelsior is raising the tax equity, construction and permanent debt financing for the projects.
Brett Phillips, Unico vice president and co-founder of Unico Solar Investors, commented: “Unico Solar is driven to rapidly expand access to renewable energy for commercial and industrial power consumers. This groundbreaking partnership is built to accelerate that ambition by combining Unico’s decades of commercial real estate experience with Excelsior’s proven investment execution in the renewable power sector so more consumers can realize the benefits of clean energy. Whether it’s a local government, a REIT, or a business looking to procure cheaper, greener power, this partnership is designed with that customer in mind.”