Deal Involves 350+ Acres of Solar Land in Virginia, Rhode Island, and Maine
ROCKVILLE, Md., May 10, 2022 /PRNewswire/ — SolaREIT, a solar real estate investment fund, has purchased a portfolio of land assets underneath solar projects from TPE Development LandCo, a land holdings business that directly supports TurningPoint Energy’s community solar development business nationally. The solar assets have been developed to various stages, from construction ready to fully operating projects over the prior five years. The deal involves more than 350 acres of land across five solar projects in Virginia, Rhode Island, and Maine.
SolaREIT, which launched in late 2020, partners with solar developers and landowners, offering flexible capital solutions that provide a range of options for taking advantage of solar development on their land.
"We are excited to establish a strategic relationship with SolaREIT as an investment partner for this portfolio of land assets we have held over the last several years." said Adam Beal, Principal of TPE Development LandCo. "SolaREIT was highly efficient to work with and provides us with flexibility on how best to optimize our capital for future land holding efforts in support of TurningPoint Energy’s efforts."
"We’re excited to work with TurningPoint Energy on these projects. Solar projects require significant land and capital – we’re committed to partnering with developers to offer solutions that reduce project complexity while freeing up capital so developers can focus on what they do best — developing solar projects," said Laura Pagliarulo, President of SolaREIT.
Solar development is land and capital intensive and is often time consuming and difficult for solar developers to unlock the value of the solar land in their portfolio. SolaREIT offers flexible, alternative options to developers and project owners that reduce their lease costs and overall project complexity. Earlier this year, SolaREIT announced their "Pre-Paid Solar Land Lease" allowing solar developers to provide landowners with up-front payment for up to 30-years of lease payments.
About SolaREIT: SolaREIT, based in Rockville, Maryland, focuses on making investments in acquiring, developing, and managing climate-friendly solar assets that support the transformation to a low-carbon economy. We aim to provide unique products to clients while generating attractive returns for our investors. For more information, please visit www.solareit.com.
About TPE Development LandCo
TPE Development LandCo supports the land acquisition needs of TurningPoint Energy’s community solar-focused development business.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $3 billion in value over 2 GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy is a lean, privately held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point. For more information, please visit www.turningpoint-energy.com.