17 Nov 2023
Renewable Properties, a developer and investor in small-scale utility and community solar projects, has secured $25 million in development capital from West Town Bank and Trust (West Town). The line of credit will enable Renewable Properties to advance the development of its 1 GW pipeline of community solar and energy storage projects across the US. Over the next two years, the funding will enable Renewable Properties to start construction on over 200 MWs of community solar and energy storage projects in its primary markets of California, Illinois, and New York.
In addition to supporting the development of its community solar pipeline, the company will use a portion of the funds to launch a new electric vehicle charging infrastructure service that will target medium to heavy-duty electric truck fleets, primarily focused on last mile deliveries.
“Renewable Properties is pleased to be working with dependable and consistent partners like West Town, who support our ongoing mission to drive renewable energy forward for local communities,” said Aaron Halimi, Founder & CEO of Renewable Properties. “This new line of credit will enable us to bring solar access to even more Americans and to expand our business into EV fleet charging, an area that remains underdeveloped.”
West Town has been a Renewable Properties finance partner since 2019, when it provided Renewable Properties with construction and permanent loans for the company’s first portfolio of projects. Since then, West Town has participated in further portfolio financings for Renewable Properties, providing construction and permanent loans for 38.5 MW of projects, totaling $50 million.
As of the third quarter of 2023, Renewable Properties’ current pipeline includes 37 projects in operation and construction, totaling over 152 MW. In addition, the company has over 1 GW of community solar and small-scale solar and storage projects under development across 15 states.
“Renewable Properties’ growth is a testament to the impact of strong partnerships,” said Riddick Skinner, Executive Vice President, Government Lending of West Town. “The company has shown impressive growth since West Town first began providing Renewable Properties with funding in 2019. We are proud of the continued partnership between the bank, our strategic partners at Palmetto Energy Capital, and Renewable Properties as they advance clean energy in communities across the US.”
Renewable Properties | www.renewprop.com
West Town Bank & Trust | www.westtownbank.com
Palmetto Energy Capital | www.palmettoenergycapital.com