Soltage and Basalt managed funds have announced their entrance into the Oregon power market with a 40 megawatt (MW) solar portfolio.
Soltage, a leading independent power producer, and Basalt managed funds have announced their entrance into the Oregon power market with a 40 megawatt (MW) solar portfolio. The first 10 MW solar facility was energised in December 2019 and the remaining 30 MW capacity is under construction and expected to be placed in service prior to Summer 2020. The portfolio was acquired from NewSun Energy, a leading Pacific Northwest energy developer.
This acquisition anchors a USD 100 Million portfolio investment in the Oregon market and is being funded via Helios, an investment vehicle set up by Soltage and Basalt to own and operate solar power projects across the US Hyperion, the first vehicle was fully deployed in 2019 and currently owns and operates 125 MW across 35 solar facilities.
The first asset energised in this portfolio is a 10 MW solar facility located in Harney County, Oregon. This facility will transmit electricity via Bonneville Power Administration’s (BPA) transmission system to Portland General Electric (PGE). PGE is purchasing power under a 16-year power purchase agreement, which will help the utility provide renewable power to its nearly one million customers.
“We are pleased to announce our entrance into the growing Oregon solar market to supply PGE’s customers with clean, locally-produced renewable energy,” said Jesse Grossman, Soltage co-founder and CEO. “This investment fits our mission of originating and investing in best-in-class renewable investment opportunities, and deploying more distributed utility-scale solar on the grid.”
The portfolio also includes projects in development in both Harney and Lake County, Oregon.
“We are excited to grow Basalt’s renewable asset portfolio while we continue to expand the partnership with Soltage,” said Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP, exclusive investment advisor to Basalt. “This investment continues Helios’ mandate to invest in renewable energy across the US.”
The projects contribute to the proliferation of solar in Oregon. The state’s Renewable Portfolio Standard requires that 50 percent of the electricity used in the state come from renewable energy sources by 2040 and total solar installations in Oregon are projected to grow by nearly 60 percent over the next 5 years.