SolRiver Capital has closed on USD 30 million of construction financing with AVANA Capital for a portfolio of six solar projects worth a combined 24 MW.
SolRiver Capital, a solar investment fund that acquires and owns distributed generation and utility-scale projects, has announced that it has closed on USD 30 million of construction financing with AVANA Capital, a leader in commercial and renewable energy lending. The portfolio totals 24 MW and consists of six solar projects located across the country.
Since 2017, SolRiver and AVANA Capital have acted as financing partners on 11 projects, helping to grow the clean energy revolution. These have included installations for schools, hospitals, municipalities, and utilities.
Sanat Patel, Co-Founder at AVANA Capital, said the firm is proud of its existing relationship with SolRiver and it looks forward to completing this portfolio of projects. SolRiver has been a great partner to AVANA and they are respected in the industry.
Patel explained, “Our experience with renewable energy combined with our expertise in solar finance, permanent debt, and tax equity enabled us to extend the maximum financing to SolRiver for this portfolio.”
“Our long relationship with AVANA has been invaluable to 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 projects built.”
Earlier this month, we had reported that SolRiver had closed an equity commitment from Rockland Capital, an energy-focused infrastructure investment fund, to acquire up to USD 200 million of solar projects. The SolRiver/Rockland platform will acquire, own and operate distributed (DG), utility-scale, and commercial (C&I) solar projects. They focus on projects from 2 MW – 50 MW across the US. The partnership acquires projects at any phase of development, from pre-NTP through mechanical completion.