EXCELSIOR, Minn.--(BUSINESS WIRE)--Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today the acquisition of 5 ground-mount solar projects from development partner, Nokomis Energy. The Kingfield Portfolio, located across Southern Minnesota, totals 6.3 MWDC and brings Excelsior’s total portfolio of ground-mount solar projects in Minnesota to 21.6 MWDC, all as part of a broader partnership with Nokomis Energy. Excelsior will invest equity in the portfolio at the start of construction and will work with its existing financing partners to arrange the tax equity, construction debt and permanent debt.
In addition to acquiring its second tranche of projects from Nokomis Energy, Excelsior has achieved commercial operation for the first 10 projects in its Wenonah Portfolio, a 12 project, 15.3 MWDC portfolio of Minnesota ground-mount solar projects acquired from Nokomis Energy last year. The remaining 2 projects are expected to complete construction in second quarter 2020.
Both the Kingfield and Wenonah Portfolios participate in the Minnesota Community Solar Garden (“CSG”) program which for Excelsior’s portfolio is administered by Xcel Energy. Under the program, the projects are contracted under 25-year power purchase agreements (“PPA”) with a diverse set of non-utility customers such as municipalities, school districts and various commercial customers. The CSG program allows these non-utility customers to offset some or all of their electricity usage from clean power generated by the projects located in their home state.
Ryan Fegley, Partner at Excelsior, said: “Excelsior is proud to announce this second closing with Nokomis Energy and to achieve completion of construction and start of operations on the first 10 projects in our home state of Minnesota. Excelsior continues to execute on the acquisition, financing and construction of community solar portfolios which compliment Excelsior’s investments in operational utility-scale wind and solar. We hope to continue to replicate multi-year investment plans with partners like Nokomis Energy and others who are looking for trusted long-term equity investors such as Excelsior.”
“We’re pleased to have a long-term partner like Excelsior who even in a challenging market can problem solve and efficiently work towards an outcome that works for both sides of the partnership”, said Brendan Dillon, Partner at Nokomis Energy. “We look forward to continuing our partnership and growing our business with Excelsior Energy Capital”.
About Excelsior Energy Capital
Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America. The Excelsior Team brings over 70 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. For more information, visit http://www.excelsiorcapital.com
About Nokomis Energy
Nokomis Energy is a Minnesota based energy developer whose mission is to accelerate clean, local energy deployment through equitable partnerships. Our approach is predicated on creating value for all stakeholders involved in energy development. Through a combination of development and consulting services we use distributed energy to improve grid reliability and provide value to ratepayers. For more information, visit https://nokomisenergy.com/.