7.9 MW Community Solar Portfolio in Colorado Acquired from Oak Leaf Energy Partners
PVTIME - Distributed Solar Development has acquired a four-project, 7.9 MW community solar portfolio from Oak Leaf Energy Partners. Located in Arapahoe and Adams counties in the greater Denver area, the portfolio is DSD’s first third-party acquisition from a development partner as the company continues to expand its larger asset acquisitions strategy.
“We’re thrilled to help strengthen Colorado’s economy with clean, reliable solar energy and are equally excited to complete our first strategic acquisition,” said Jon Morton, VP of Acquisitions at DSD. “By combining our strong financial partnerships with growing market opportunities across the country, we believe DSD can immediately bring value to development partners and diversify our origination portfolio through new acquisitions. The Oak Leaf projects offer a unique mix of subscribers and we look forward to serving them and the surrounding communities for many years to come.”
The four projects will serve a combination of local corporate, municipal, and non-profit organizations. In addition, the projects will benefit a number of low to moderate income participants.
“Mercy Housing is thrilled to be able to purchase 120% of our common area energy consumption for seven of our properties in the Denver-metro area from community solar arrays financed by DSD,” said Caitlin Rood, National Environmental Sustainability Director at Mercy Housing. “Community solar allows us to purchase all of the energy used in the common areas of our affordable housing properties while saving money and benefitting the local environment. In addition, it is so much easier and cost effective than rooftop solar because there are significantly reduced internal and external approvals needed, and economies of scale realized. We would implement community solar across our portfolio if we had opportunities like this.”
All discretionary permitting for the four projects is complete and construction will begin this summer, with commercial operation dates planned for late 2020.
“These four projects have the support of their local communities and a strong mix of subscribers and long-term contracts, which made them an attractive acquisition,” said John Hereford, CEO at Oak Leaf Energy Partners. “DSD has the resources and talent to ensure their long-term value. We’re looking forward to working with them on these projects and potentially more in the future.”