SolaREIT™ Closes On Second Solar Land Loan with Norbut Solar Farms
Deal Encompasses More Than 250 Acres of Solar Land: Supports More Than 50MW of Solar Across New York
SolaREIT™ | April 19, 2023
VIENNA, Va. /PRNewswire/ -- SolaREIT™, a solar real estate investment fund, has closed on its second solar land loan with partner Norbut Solar Farms, a leading solar developer in New York state. The deal encompasses seven solar leases over 250 acres of land and will support more than 50 MW DC of solar. SolaREIT, which launched in late 2020, provides an innovative model for financing solar land and leases, and offers options to compensate developers and landowners for utilizing their land to host solar farms.
"Partnering with SolaREIT has consistently been a simple and efficient process, and we closed this second portfolio of transactions with the company in record time," said Dave Norbut, President and Founder of Norbut Solar Farms. "This efficiency allows the Norbut team to focus on what we do best—developing solar projects."
"We're proud of our longstanding partnership with Norbut Solar Farms, one of the top solar developers in New York. Now more than ever, developers need access to capital and flexible financing options. We understand the time-sensitive nature of solar development and work to make the deployment of our capital solutions as efficient as possible so our partners can grow their business, on their timeline," said Laura Pagliarulo, President of SolaREIT.
Each year, the projects in the Norbut SolaREIT partnership will offset 34,810 metric tons of CO2, equivalent to powering approximately 6,145 houses annually.
Solar development is land and capital intensive. SolaREIT can offer alternative options to developers and project owners that free up capital and reduce their lease costs. SolaREIT financing solutions are available to solar developers across the country.
About SolaREIT
SolaREIT, based in Vienna, VA, focuses on making investments in acquiring, developing, and managing climate-friendly solar assets that support the transformation to a low-carbon economy. For more information, please visit www.solareit.com.
About Norbut Solar Farms
Norbut Solar Farms, based in Rochester, NY, is actively developing and, through its affiliated construction company NSF EPC, constructing solar energy and battery storage projects throughout upstate NY. Our team of professionals has decades of combined experience in all aspects of the solar industry: from site control, diligence, and municipal entitlements to project construction and sale. We firmly believe in the power of solar to transform our energy landscape, create new jobs, and empower our communities to become less reliant on fossil fuels and nuclear power. For more information, please visit www.norbutsolarfarms.com.
Read the release on PRNewswire here.