Sol-REIT Provides $9 Million in Refinancing to Solar Developer
Sol-REIT continues to expand its financing portfolio while indirectly providing community benefit to New Jersey public schools with over 70 percent savings in energy costs, using the first-of-its-kind solar mortgage REIT model.
MIAMI–(BUSINESS WIRE)–#cleanenergyfinance–Sol-REIT, the first and only firm seeking to bring mortgage REITs (real estate investment trust) to the renewable energy market, is funding a portfolio of projects that provides three school districts in New Jersey communities with clean, renewable energy at a savings of up to 72 percent compared to the state’s average energy costs.
Sol-REIT’s $9 million refinance loan to DIASASP Holdings, the developer of solar systems at Delsea Regional, Middletown Township and Plainfield school districts in New Jersey, will support continued renewable low-cost power generation for the districts under their power purchase agreements.
“It is critical that the benefits of clean, renewable solar energy are accessible to everyone,” said Tom Gleckner, project manager for DIASASP Holdings. “DIASASP is excited to provide significant power savings to these school districts, which also will benefit their entire communities and fund student needs in the future.”
The projects generate an accumulation of 7.4 megawatts of solar power from a total of 21,467 solar panels covering 25 different installations. Nearly 75 percent of the systems are roof-mounted, except for ground-mounted systems in the Delsea School District.
“This is another example of what Sol-REIT can do for the municipality, utility, school and hospital sectors,” said Mark Settles, CEO of Sol-REIT. “We are primed to handle a variety of projects focused on clean, renewable energy that provide developers working capital and cash flow to get these projects to COD and beyond. We are active with a successful REIT in the marketplace and we’re deploying capital.”
The projects will enable the school districts to reduce energy costs to as low as 3.83 cents per kilowatt hour, compared to New Jersey’s average statewide rates of 13.63 kWh.
The project will potentially generate enough clean electricity to power more than 875 homes a year, based on the average U.S. home use of 11 megawatts per year, while eliminating more than 4,000 metric tons of carbon dioxide per year. The environmental savings are equivalent to taking 882 gasoline-powered passenger vehicles driving more than 10 million miles off the road for a year or planting nearly 70,000 trees over a 10-year period.
“The savings of our installations is democratizing access to clean, renewable energy for municipalities, utilities, schools and hospitals by making the benefits of solar available to everyone,” said Settles.
About DIASASP Holdings
DIASASP Holdings, LLC is a management company for a portfolio of solar generation assets. DIASASP Holdings develops solar projects for municipalities, utilities, schools and hospitals. The company is dedicated to providing low-cost solar to traditionally underserved communities. The company operates in solar industry verticals that involve storage paired with solar, and large utility-scale solar development partnerships with other developers and investors.
About Sol-REIT:
Sol-REIT revolutionizes clean energy financing by providing innovative construction-to-permanent loans for middle-market solar developments across North America. This segment is remarkably underserved in today’s renewable energy market. Led by a team of industry experts experienced in solar development, real estate lending, REITs, and fixed income, Sol-REIT is the first investment vehicle to bring mortgage REITs to the renewables market. In the process, Sol-REIT strives to play an important role in reducing the global carbon footprint. By financing solar similar to real estate, Sol-REIT offers flexible financing for solar projects that matches the asset’s operational life while empowering solar developer entrepreneurs to become long-term owners of their own projects. Sol-REIT is currently financing individual solar projects with an average loan size of $5 million to $50 million. For more information, visit https://www.sol-reit.com
Plainfield Public School District
The Plainfield Public School District was established in 1857 and is a public school district that serves students in pre-kindergarten through 12th grade located in Union County, New Jersey. The district serves an ethnically diverse and growing population of more than 8,000 students. The district has one K-8 school, eight elementary schools, two middle schools, one comprehensive high school, one performing arts high school, one credit recovery program and 14 early childhood centers.
Delsea Regional School District
Delsea Regional School District is a regional public high school district serving students in seventh through 12th grades from two constituent communities in New Jersey. Established in 1960, the district comprises two schools with total enrollment of 1,655 students and 125 teachers for a student-teacher ratio of 13.2:1. The district office is in Franklinville, NJ. The district serves a collaborative learning community that is passionately committed to educating all students.
Middletown Township Public School District
The Middletown Township Public School District is a highly rated comprehensive community public school district that serves students from pre-kindergarten through 12th grade in Monmouth County, New Jersey. The district is comprised of 17 schools with a total enrollment of more than 9,500 students.
Contacts
Media Contact:
Sid Robinson, APR
Sol-REIT / (909) 227-9589
press@geogram.com