In an effort to expand its renewable energy offerings, Excelsior Energy Capital recently acquired five new ground-mount community solar projects. The North American energy investment company obtained the projects from Nokomis Energy. Included in the acquisition is the Kingfield Portfolio of Southern Minnesota, which produces 6.3 megawatts. This increases Excelsiors’ portfolio in Minnesota to 21.6 megawatts of energy produced.
Along with these five ground-mount community solar projects, Excelsior has also secured operation rights to the 10 initial projects associated with Nokomis Energy’s Wenonah Portfolio. The portfolio is expected to span 12 projects and produce a total of 15.3 megawatts for Minnesota. To fund the ground-mount community solar projects, Excelsior will use equity that will factor in the permanent and construction debt associated with the projects.
Both of Excelsior’s new projects are part of the Minnesota Community Solar Garden program overseen by Xcel Energy. The program contracts the projects for 25 years and caters to non-residential customers, including school districts and municipalities. Under the community solar garden program, participants will increase their clean energy usage via local solar generation.
According to Ryan Fegley, an Excelsior partner, this acquisition isn’t expected to be the last. The investor hopes to work with Nokomis Energy and other companies in the future to create multi-year plans in the community solar and renewable energy sectors. Nokomis Energy partner, Brendan Dillon, voiced the company’s desire to also work with Excelsior as more investment opportunities arise.
Excelsior Energy Capital services all of North America and focuses on investment opportunities in renewable energy. Its portfolio includes $2.5 billion invested in solar and wind power plants in the United States and Canada. For a program to be considered by Excelsior, it must meet specific criteria. This includes strictly financing wind and solar projects and focusing on projects that produce 20 megawatts or greater.