33 MW DC portfolio to provide renewable energy for the Greater Portland area
OAKLAND, Calif.–(BUSINESS WIRE)–Adapture Renewables Inc. announced today the completion of a portfolio of ten solar projects totaling 33 megawatts (MWdc) across the Portland, Oregon metropolitan area. Adapture Renewables acquired the portfolio in early 2019 and successfully brought all of the projects to commercial operation by February 2021.
“There are inherent challenges with multi-project portfolios, which require diligent management of development, financing and construction,” said Goran Arya, Director of Business Development at Adapture Renewables. “Knowing this, we intentionally built flexibility into project designs and leveraged in-house expertise in order to streamline the permitting and transactions, and successfully commission all ten projects on schedule.”
The portfolio was financed by tax equity partner U.S. Bank. “Since 2008, U.S. Bank has invested more than $12.6 billion to help finance the development of more than 15 gigawatts of solar energy across the country,” said Eric Barr, Vice President of Renewable Energy Investments with U.S. Bancorp Community Development Corporation, the tax equity and community investments subsidiary of U.S. Bank. “We’re excited to partner with Adapture Renewables and grow solar capacity in the Portland area. We want to be responsible stewards of the environment and investing in solar is one of the ways U.S. Bank can achieve that.”
Adapture Renewables will continue to own and operate the portfolio and sell the generated electricity under a long-term power purchase agreement to the public utility, Portland General Electric. Oregon’s Renewable Portfolio Standard requires that utilities procure 50 percent of their power from renewable sources by 2040. In addition to providing reliable clean energy, the portfolio has created jobs in the Portland area and will continue to generate tax revenue for the local jurisdictions.
With this set of projects, Adapture Renewables increases its portfolio of solar energy generating assets in Oregon to 67 MWdc, and to 242 MWdc in total across the country.
About Adapture Renewables, Inc.
Adapture Renewables, Inc. is a solar project developer (and M&A shop), owner and operator. The company leverages its proven track record, deep domain expertise and comprehensive in-house development, EPC management, legal and project finance services to efficiently and effectively drive solar projects from origination to long-term operation. Majority-owned by KIRKBI – the private holding and investment company of the Kirk Kristiansen family founded to build a sustainable future for the LEGO® brand through generations – Adapture Renewables, Inc. has the financial footing necessary to take a diligent and thoughtful approach to solar project development and is invested in its projects’ long-term success. The company’s culture of creative problem-solving and shared mission to accelerate the global transition to clean energy contribute to the company’s success deploying, owning and operating solar assets across ten states in the US. Adapture Renewables, Inc. is based in Oakland, CA. For more information about Adapture Renewables, Inc., visit https://adapturerenewables.com/.
Adapture Renewables, Inc.