In collaboration with new partner Revity Energy and NelNet, Inc., NT Solar facilitated a $45 million solar tax credit investment through its Climate Impact & Revitalization Fund. Completed in December 2023, the installation is currently the largest solar array in Rhode Island, generating nearly 70 gigawatt hours of renewable energy each year.

The Revity Energy project will provide power to corporate, municipal, university, and hospital offtakers, providing users with meaningful discounts as compared to conventional utility bills.

The Pulpit Hill installation is a 5.9 MW DC solar energy field and 2,000 kW of battery storage located in Massachusetts and NTCIC’s first transaction to be part of the new Massachusetts SMART Program. This incentive encourages developers to democratize electricity consumption by subscribing residential customers to the project and incentivizes the addition of battery storage.

The project developer, Lodestar, is a nationally recognized solar organization with over 65 MW of solar installations currently in operation across the country. This project, which is located in an Opportunity Zone, will sell power to two anchor commercial businesses and multiple residential homes at a reduced rate compared to traditional utilities.

In collaboration with partner New Energy Equity (an ALLETE company), a national solar developer and operator, NT Solar provided tax equity financing for $25.6 million solar investment tax credits generated by the development of five ground-mount solar installations in New York.

Installed in a variety of towns across New York State, the community solar installations enable subscribers to purchase a portion of the electricity produced, thereby lowering their monthly electricity costs without having to install solar panels on their homes or businesses.

Located in Montague, MA, the project was developed by Kearsarge in partnership with the Town of Montague, the Town of West Springfield, MA, and United Bank. As part of the project, both towns will receive energy credits offsetting their electricity costs by an average of 15% over the next 20 years. The project is located on a landfill site and is expected to garner tax revenues on otherwise unproductive land over the life of the project.

Incorporating almost 15,000 individual solar panels, the site is situated on roughly 40 acres of underutilized land, an exceptional example of State, Municipal, and private sector collaboration. NTCIC invested in the 4.89 million Solar Investment Tax Credits (ITC) generated by the project.

NT Solar invested in the $12.8 million solar investment tax credits (ITCs) generated by the development of seven ground-mounted solar installations in New York, Massachusetts, and Connecticut. Lodestar Energy is an established northeast developer with more than 100 Megawatts (MW) in completed installations. The installations in New York are located in designated Opportunity Zones and Lodestar has been at the forefront of combining solar and OZ. The off-takers of the new installations will receive electricity cost savings and include public schools, towns, water treatment facilities, nonprofits, and community residential subscribers.

“We are excited to complete our fourth tax equity financing with NTCIC and are very proud of the work we’ve done as a team to bring new renewable electricity generation to local communities across the northeast.” Said Jack Funk, Managing Partner of Lodestar Energy.

In partnership with Lodestar Energy, one of the most established Independent Owner Operators in the Northeast United States, NT Solar financed over $7 million in solar tax credit investments generated by the development of two community solar installations across Massachusetts and Connecticut. This is NT Solar’s 6th investment with Lodestar Energy.

Reaching mechanical completion in April of 2023, the combined 11.5-Megawatt ground-mount solar and solar plus battery storage systems will provide renewable energy to the City of Hartford along with six public housing authorities across Massachusetts which are responsible for nearly 3,000 affordable housing units.

The second installation, located in North Canaan, Connecticut, will participate in the CT Virtual Net Metering program and will supply electricity to the City of Hartford, CT, providing monthly electricity cost savings to the city while reducing the city’s reliability on fossil fuels.

NT Solar facilitated an investment in the $5.6 million solar investment tax credits (ITCs) generated by Lodestar Energy LLC’s development of a solar photovoltaic (PV) installation built on a parking canopy with a 2 Megawatt (MW) battery storage system located in Lancaster, Massachusetts. Lodestar is an established northeast developer with more than 100 Megawatts (MW) in completed installations. The installation will sell power under the Massachusetts “Solar Massachusetts Renewable Target” or SMART program to the regional school system and local residences. This installation will provide a 10% discount to retail rates for traditional energy.

“We are excited to complete our fifth tax equity financing with NTCIC and are very proud of the work we’ve done as a team to bring new renewable electricity generation to local communities across the northeast.” Said Jack Funk, Managing Partner of Lodestar Energy.

In partnership with Kearsarge Energy, a Boston-based developer with a focus on Community Solar initiatives, NT Solar financed over $23 million in solar tax credit investments for a portfolio of four installations located across Massachusetts, New Hampshire, and Rhode Island. This is NT Solar’s second investment with Kearsarge Energy and was made possible through NTCIC/NT Solar’s newly established Climate Impact and Revitalization Fund (CIRF).

The installations will include a variety of environmental and innovative aspects, including brownfield remediation, the utilization of land on a capped landfill, and the incorporation of battery storage for energy production. The off-takers include municipalities that will achieve savings on their conventional utility bills that may support a variety of community services. The installations will generate nearly 19.4 Megawatts (MW) of power.

The Goat Island installation is 3.3 MW DC solar field located in Burrillville, Rhode Island developed by Nautilus, a nationally recognized solar developer in business for more than 10 years, with 125+ MW of solar installations in operation. The project will produce clean, renewable solar energy for residential customers across the state and is estimated to produce approximately 4,512,000 kWh during the first year of operation based on long term resource data and average precipitation for the region.

NT Solar’s largest portfolio investment to date involved the financing of $65 million in solar investment tax credits (ITCs) for a portfolio of 100 solar installations across California. This milestone investment is in partnership with ForeFront Power, a leading developer and long-term owner-operator of solar energy and storage projects.

This portfolio, developed end-to-end by ForeFront Power and with a development cost totaling over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connecting to four city utility services and several of the largest counties in the state. Soon, hundreds of thousands of residents will be able to benefit from energy savings provided by these installations. This investment underscores NT Solar’s commitment to investing in renewable energy that serves a broad community base, contributing to a sustainable future for all.

The portfolio primarily consists of “canopy” systems, in which the panels are elevated over parking lots, allowing cars to park underneath. In addition to delivering significant environmental benefits and customer savings, this development style reduces the need for construction on undeveloped land and gives sprawling parking lots productive use.

Several installations within this portfolio will also qualify for various additional credits, or “adders,” for being located within an “energy community.” Released as part of the Inflation Reduction Act (IRA), energy communities are designated locations that have experienced economic or environmental hardships as a result of the fossil fuel industry.

NT Solar provided an initial investment in April for a 48.5 Megawatt DC portfolio of 79 solar installations. In July, NT Solar further invested in an expansion of the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW. This additional investment brought the total financing to $65 million in ITCs, marking this as the largest investment by installation count in NT Solar’s history.