Independent power producer Soltage LLC completed the acquisition of a 14-MW solar portfolio from developer ReNew Petra. Financial terms of the deal were not disclosed.
The portfolio is expected to total 35 MW after a second close slated for the third quarter of 2019, according to a July 30 news release. The company has secured long-term power purchase agreements with members of the North Carolina Electric Membership Cooperatives.
"These assets allow for us to continue to deploy our capital to high-quality renewable energy infrastructure investments, providing economic benefits to the communities in which we are working as well as long-term affordable power to our energy offtake partners," Soltage co-founder and CEO Jesse Grossman said.