SolaREIT is a solar real-estate investment fund that has reached agreements worth $12.2million for solar land with Norbut Solar Farms. The four projects are spread over 500+ acres of New York land, where there is more than 84MW of community solar. SolaREIT was launched in late 2020 and provides a model to finance solar land. It also offers options to compensate landowners who use their land to host solar farm.
“We’re excited to work with Norbut Solar Farms to grow their business by financing their land holdings,” says Laura Pagliarulo, President of SolaREIT. “Dave Norbut and his team have been developing projects throughout New York for more than two decades and are one of the most well-respected developers in the state. Solar projects require large areas of land and lease payments. This can tie-up capital and increase developers’ costs. Now more than ever, developers need financial flexibility, so they can focus on doing what they do best – develop solar projects.”
“SolaREIT is providing valuable financial innovation and flexibility to the solar development industry,” states Dave Norbut of Norbut Solar Farms. “We are accessing capital through this deal, which will fuel the expansion of our early-stage solar development efforts across New York. Financial innovation has helped expand residential solar over the past decade; now SolaREIT is bringing innovation to community solar development.”
Community solar development requires a lot of land and capital. SolaREIT offers alternative options for developers and project owners to free up capital and reduce lease costs. SolaREIT’s Pre-Paid Solar Land Lease Program was announced last year. This program allows solar developers to pay landowners an upfront payment up to 30 years of lease payments.