Renewable Properties Closes $26.5M of Tax Equity for a Portfolio of Community Solar and Storage Projects with KeyState

Renewable Properties, a developer and investor in small-scale utility, community solar, energy storage, and electric vehicle infrastructure projects, has closed the tax equity funding for its Fund 10 portfolio. The $26.5 million Fund 10 closing expands Renewable Properties’ ongoing relationship with SOLCAP, KeyState’s tax equity investment platform.

Fund 10 includes three solar projects in California, totaling 17 MWdc. The projects have commenced construction and are scheduled for completion this year. 

The 5.56 MWdc Redemeyer Road Solar Project in Ukiah, to be completed in Q4 2025, will also incorporate a 4 MWdc/16 MWh energy storage system. Power from the Redemeyer project will be procured by community choice aggregator Sonoma Clean Power (SCP) as part of its EverGreen shared solar program, which allows customers to benefit from off-site solar, storage, and geothermal energy.

The Althea Avenue Solar Phase 1 and Phase 2 projects in Fresno County will complete construction by Q4 2025. Energy from the 6.42 MWdc Althea Solar Phase 1 project will contribute to the Disadvantaged Communities (DAC) Green Tariff program offered by Pacific Gas and Electric (PG&E), which provides clean power to low to moderate income-qualified residents with a 20% discount on their electric bills. The adjacent 5.02 MWdc Althea Phase 2 project is part of PG&E’s Solar Choice program, which allows customers to purchase solar energy to match either 50% or 100% of their energy use.

“We’re grateful to our tax equity partner KeyState for supporting another Renewable Properties project portfolio and their continued commitment to helping us provide solar access to more Californians,” said Aaron Halimi, Founder and President of Renewable Properties. “With these projects and our expanding 1.5 GW pipeline, Renewable Properties is living up to our mission to drive energy forward for local communities.”

Since 2021, KeyState – through its tax equity platform, SOLCAP – has been a trusted partner to Renewable Properties. By investing in four of the company’s renewable energy project funds, including Fund 10’s 17 MWdc portfolio, KeyState has helped finance the construction and operation of 86.3 MWdc of small-scale utility and community solar projects across five states.

“By continuing to grow our tax equity collaboration with Renewable Properties with Fund 10, we are helping expand access to local clean energy throughout the U.S.,” said Josh Miller, CEO of KeyState, which manages the SOLCAP platform. “In this time of policy uncertainty, our ongoing relationship strengthens the community solar and small-scale utility solar market and adds to our successful track record with Renewable Properties.”

While the recent passage of the One Big Beautiful Bill Act (OBBBA) presents challenges for the industry, Renewable Properties has built a strong financial foundation with tax equity and lending partners that will enable the company to continue expanding community solar. The 17 MW Fund 10 portfolio is part of Renewable Properties’ pipeline of more than 1.5 GW of solar, energy storage, and fleet EV charging projects under development. The company will announce further project commencements this year.

Renewable Properties | www.renewprop.com

KeyState | www.sol-cap.com