Solar Developer Renewable Properties Secures $12.5 Million in Funding From New Energy Capital Partners
SAN FRANCISCO — Renewable Properties, a team of experienced renewable energy professionals with development and investment capabilities throughout the U.S., today announced the closing of a new $12.5 million capital commitment from New Energy Capital Partners to develop, finance, and operate solar energy projects for utilities, local governments and large commercial entities.
“I am tremendously excited to have closed this round of financing with New Energy Capital. They are an experienced investor with a strong renewable energy track record. Their capital will allow us to get more solar on the grid and create more jobs in 2018,” says Aaron Halimi, Founder and President of Renewable Properties.
Patrick Fox, Managing Partner of New Energy Capital says, “The Renewable Properties team understands key market drivers and has identified viable investment opportunities throughout the U.S. We’re pleased to have the opportunity to support them going forward.”
Capital from the closing will be used by Renewable Properties to fund corporate and operating expenses, as well as, project-specific expenses including project acquisitions and development related activities like securing land, interconnection applications and studies, permitting, environmental studies and reviews.
Renewable Properties has a rapidly growing pipeline of utility solar projects located throughout the U.S. and plans to bring approximately 75 MW DC of solar capacity online in 2018, which is enough electricity to power nearly 12,657 homes a year. Renewable Properties is actively hiring in all functions across the solar development value chain.
About Renewable Properties
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility and commercial solar energy projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties works closely with communities, developers, landowners, utilities and financial institutions looking to invest in large solar energy systems. For more information: www.renewprop.com/
About New Energy Capital
New Energy Capital Partners, LLC is a leading alternative asset management firm which invests across the capital structures of small and mid-sized clean energy infrastructure projects and companies. Since its founding in 2004, NEC has participated in more than 25 transactions across a broad array of industry verticals, including solar, energy efficiency, storage, landfill gas, waste water treatment, and biofuels totaling more than $2 billion in total asset value. NEC is headquartered in Hanover, New Hampshire.
