NT Solar invested in the $12.8 million solar investment tax credits (ITCs) generated by Lodestar Energy LLC’s development of seven ground-mounted solar installations in New York, Massachusetts, and Connecticut. Lodestar 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.
The 30.4 MW installations, which will generate an estimated 35 million kilowatt-hours (kWh) per year of renewable energy annually:
- Creates enough electricity to take nearly 4,200 homes off the grid
- Is the equivalent of burning over 27 million pounds of coal
- Sequesters the same amount of carbon from the atmosphere as nearly 32,000 acres of forest
- Offsets the CO2 emissions generated from consuming 2.7 million gallons of gasoline annually
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.