Solterra lands US$ 10 million investment to support as much as 1GW of solar PV

Jun 21, 2022 03:48 PM ET
  • Solterra Energy has actually entered into a partnership with renewable investors Leyline Renewable Capital, under which Leyline will certainly give US$ 10 million to support approximately 1GW of distributed generation (DG) and also utility-scale solar projects across the eastern US.
Solterra lands US$ 10 million investment to support as much as 1GW of solar PV
Image: Unsplash

The financial investment will be focused on early-stage growth and growth capital, with Leyline claiming that early-stage designers lack "a route to funding without the price of losing equity in their firm" and that it provides "non-dilutive financing solutions so founders keep control of their business."

"Solar power is essential to our green energy future, yet designers often can't obtain the funding needed [to] cover their growth demands and also project expenditures like site control, affiliation fees and other advancement prices," stated Erik Lensch, Chief Executive Officer of Leyline.

Washington State-based Solterra will certainly use the funding from Leyline for both project-related expenses and functioning capital expenses for the firm. Its portfolio consists of utility-scale solar projects within Southeastern US, PJM and MISO solution areas that ought to be operational before 2030.

On top of the funding, Leyline said it will certainly offer "on-call advancement assistance for Solterra" by means of its leadership team that has "greater than thirty years of hands-on advancement experience".

"Leyline has competence that we would certainly not always hire internal. They can help bridge the gap before working with a professional," said Dennis Richter, president of Solterra.

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