This May, NT Solar, a wholly-owned subsidiary of the National Trust Community Investment Corporation (NTCIC), announced two successful Solar Tax Credit financial closings, including our largest investment to date.
In partnership with the Silicon Ranch Corporation, one of the largest solar developers in the United States, NT Solar financed over $67 million in solar tax credit investments for an installation spanning nearly 600 acres in Calhoun County, Georgia. This is NT Solar’s largest tax credit investment to date and was made possible through NTCIC/NT Solar’s newly established Climate Impact and Revitalization Fund (CIRF).
Once completed, the installation will generate nearly 114 Megawatts (MW) of power and will be purchased by one of the largest electric cooperatives in the country, which currently supplies energy to over 133,000 customers in northeast Georgia. The installation site will use a regenerative approach to the installation site, allowing agricultural and animal grazing alongside the panels.
The developer’s partner, Regenerative Energy describes the process as “adaptively-managed grazing animals, diverse native plants, pollinator habitat, and wildlife work together to revitalize the soil, enhance biodiversity and resilient ecosystems, sequester carbon in the soil, and strengthen rural economies.”
NT Solar also financed a $5.6 million solar tax credit investment to support a large-scale, SMART community solar canopy and battery storage installation in Lancaster, Massachusetts, led by developer Lodestar Energy. Once operational, the installation will generate 5.6 MW of power, generating over 6 million Kilowatt-hours (kWh) of clean energy for its user base, which includes regional schools and residential homes.
These two investments will begin operation in 2021 and will produce nearly 220 million kilowatt-hours of electricity each year, the clean energy equivalent of consuming over 172 million pounds of coal or 360 thousand barrels of oil annually.
Continued Growth of the Solar Industry
The U.S. solar market surpassed 100 gigawatts (GWdc) of installed electric generating capacity, doubling the size of the industry over the last 3.5 years, according to the U.S. Solar Market Insight Q2 2021 report, released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.
Solar had a record-setting Q1 2021 and accounted for 58% of all new electric capacity additions in the United States. The U.S. solar industry installed 5 GW of new capacity in Q1 2021, a new Q1 record, and a 46% increase over Q1 2020.
“As the US solar market continues to grow, I’m proud that NT Solar is keeping pace and pushing boundaries,” said Karin Berry, Managing Director of NT Solar. “Our commitment to solar investments that serve the community and our trusted partnerships, like those with Silicon Ranch Corporation and Lodestar Energy, will ensure more communities and companies across the country are able to transition to clean energy.”
About NTCIC & NT Solar
NTCIC, an affiliate of the National Trust for Historic Preservation, invests nationally in the rehabilitation of historic places, community development revitalization projects, and renewable energy initiatives with capital raised through economic development tax credits. Since its inception in 2000, NTCIC has provided tax credit financing of over $1.6 billion in capital for more than 200 transactions nationwide. NT Solar, a wholly-owned subsidiary, provides solar investments that generate meaningful community impact and provide cost-effective energy options across multiple markets.
About Silicon Ranch Corporation
Based in Nashville, Tennessee, Silicon Ranch is the U.S. solar platform for Shell and one of the largest independent solar power producers in the country. Their mission is to bring communities across the country low-cost, renewable energy, economic growth and development, job opportunities, and partnerships they can count on for the life of their solar projects. Follow Silicon Ranch Corporation on LinkedIn and Twitter for updates, or learn more at siliconranch.com.
About Lodestar Energy, LLC
Founded in 2014, by Jeff Macel and Jaime Smith, Lodestar Energy’s goal is to develop great solar energy projects that are environmentally, socially, and financially successful. Since that time, Lodestar has successfully completed more than 30 projects with a combined value of more than $200 million dollars, which offset more than 53,000 tons of CO2 and power the equivalent of more than 13,000 homes annually.