The agreement involves over 500 acres and over 84 MW of community solar projects in New York
Rockville, Md., August 1, 2022 /PRNewswire/ — SolaREITa solar real estate investment fund, has entered into agreements for a total $12.2 million for a solar field with developer Norbut Solar Farms. The agreement involves four projects on more than 500 acres of land in New York on which more than 84 megawatts (MW) of community solar power are located. SolaREIT, which launched in late 2020, offers an innovative solar farm financing model and provides options to compensate landowners who use their land to host solar farms.
“We are delighted to be working with Norbut Solar Farms to grow their business by financing their land holdings. Dave Norbut and his team have developed projects throughout New York for over two decades and are one of the most respected developers in the state. Solar projects require large tracts of land and lease payments that tie up capital and increase costs for developers. Now more than ever, developers need financial flexibility so they can focus on what they do best: developing solar projects,” said Laura PagliaruloChairman of SolaREIT.
“SolaREIT provides valuable financial innovation and flexibility to the solar development industry. We are accessing capital through this agreement, which will fuel the expansion of our early-stage solar development efforts across New York. Financial innovation has helped develop residential solar power over the past decade; now SolaREIT is bringing innovation to community solar development,” said Dave NorbutNorbut solar farms.
Community solar development requires a lot of land and capital. SolaREIT can provide alternative options for developers and project owners that free up capital or reduce rental costs. Last year, SolaREIT announced its “Prepaid Solar Land Lease” allowing solar developers to provide landowners with an upfront payment of up to 30 years of lease payments.
About SolaREIT: SolaREIT, based in Rockville, Maryland, focuses on making investments in the acquisition, development and management of climate-friendly solar assets that support the transformation to a low-carbon economy. Our goal is to provide unique products to our clients while generating attractive returns for our investors. For more information, please visit www.solareit.com.