Sol-REIT Finalizes Financing for New Jersey Solar Project

Sol-REIT LLC has completed a term loan refinance of the Inspira solar farm in southern New Jersey. With the closing of this loan, Sol-REIT will be moving quickly to execute upon its $300 million and growing loan origination pipeline of construction-to-permanent loan financing opportunities for middle-market solar projects across the United States.

Sol-REIT has completed its initial round to senior preferred equity investors commitments in order to capitalize on loan investments. It is now raising $300 million institutionally.

“Middle-market solar developers are the backbone of our emerging industry,” says Mark Settles, Sol-REIT’s CEO. “Sol-REIT is proud to provide developers fixed-rate, long-term financing that finally closes the gap in developer access to capital.”

Inspira currently serves the Inspira medical center, which is located on Mullica Hill’s 100-acre campus. It currently houses 210 patients. The borrower entered into a 15 year power purchase agreement (PPA), with the medical center. Sol-REIT’s term loan finances the remaining 13 years of operations under the PPA. Ground-mount solar panels generate nearly 3600 kWh of renewable electricity annually.

“Our offerings streamline access to capital for solar developers while providing investors much-needed access to green investments,” states Brian A. Sidman, Sol-REIT’s co-founder and head of capital markets. “Investments like these in a portfolio, backed by solar projects with Inspira coupled with high-quality energy off-takers, provide both income-generating opportunities and growth potential.”

Image by Jadon Kelly at Unsplash