WASHINGTON, DC, September 6, 2023: NT Solar is thrilled to announce one of its largest portfolio investments to date, financing $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 of over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connect 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.
“We’re incredibly proud of this landmark investment,” says Alyssa Watt, Senior Transaction Manager for NT Solar. “ForeFront Power has been an exceptional development partner every step of the way. Working with Forefront Power on the initial investment, and then expanding this portfolio seven months later, enabled us to make a significant impact on the communities that these installations will serve. This project is a testament to our ongoing commitment to advancing clean energy across the nation.”
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. ForeFront Power has a very similar portfolio available with a larger total capacity that will reach commercial operation in calendar year 2024, and the company is excited about the potential to continue delivering best-in-class projects for its customers and investment partners.
Investing in an Energy Community
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 hardship stemming from the fossil fuel industry or other environmental hardships. These include:
- Brownfield sites: Locations contaminated by hazardous substances or pollutants. Examples include garbage dumps, former coal mines, gas stations, and chemical processing facilities.
- Communities that were predominantly supported by the fossil fuel industry and are currently experiencing higher-than-average unemployment rates.
- Communities in which one or more coal mines or coal-fired electric generating facilities have closed in recent years.
In December 2022, NT Solar provided an initial investment for a 48.5 Megawatt DC (MW-DC) portfolio of 79 solar installations. In July 2023, NT Solar further expanded its investment commitment for the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW-DC. This additional commitment brought the total financing to $65 million in ITCs, marking this as the largest investment by installation count in NT Solar’s history, and demonstrating NT Solar’s trust in ForeFront Power as a developer and long-term partner.
“We are thrilled to partner with NT Solar on this solar plus storage portfolio,” says Bryan Eckstein, SVP, Corporate Development & Project Finance at Forefront Power. “NT Solar’s commitment to the success of this investment was evident from the beginning, and their ongoing expertise in tax equity financing and support for a multi-project, distributed generation portfolio have ensured a smooth and efficient financing process from start to finish. Together, we’ve been able to make a significant positive impact on communities across California.”
About NT Solar
NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages capital for renewable and battery storage investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing for transactions nationwide, with a focus on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provides our developers with competitive pricing and stable returns for our investors. Visit www.nt.solar to learn more.
About Forefront Power
ForeFront Power is a leading developer of commercial and industrial-scale (C&I) solar energy and battery storage projects in the U.S. and Mexico, also offering vehicle fleet electrification services. The ForeFront Power team has 15 years of experience working together to develop more than 1,400 behind-the-meter and community solar projects, totaling more than 1.1 gigawatt-DC of renewable electricity. ForeFront Power serves business, government, education, healthcare and community solar customers with a broad array of development, asset management, and advisory services from its San Francisco headquarters and via teams based in New York, Mexico City, and across the U.S. through a hybrid work model. For more information, visit www.forefrontpower.com.