Soltage secures $30.5 Million for launch of new solar project portfolio.

NewWorld Capital Group and Soltage to enter into strategic partnership to build more than 11 megawatts of solar generation assets.

 

New York City, March 21, 2013. Soltage, a premier North American solar power provider, today announced that it has entered into a strategic partnership with NewWorld Capital Group and a leading institutional investor to fund the deployment of six solar power generating stations to be constructed in Connecticut and Massachusetts. The partners will commit at least $30.5 million of funding, with all projects slated to come online by the end of this year.

 

“Our partnership combines crucial capital financing with development expertise, a quality set of clients, and the progressive support for clean power generation from the states of Connecticut and Massachusetts,” said Jesse Grossman, Soltage co-founder & CEO. “We are thrilled to receive such a resounding endorsement from leading investors in our industry. In particular, NewWorld Capital is widely recognized for their depth of investment and operating experience and their leadership in environmentally-focused finance.”

 

Everett Smith, a founding partner of NewWorld Capital commented, “We are excited about making this strategic investment with Soltage – to back the leading developer in the region and work alongside such a highly talented team. We share a common vision of commercial solar infrastructure as a business opportunity that transforms our energy future by reducing the cost of electricity, increasing our nation’s energy security, improving our environmental stewardship, and providing an immediate and positive impact on quality job creation in our region.”

 

NewWorld Capital Group will make the investment through their infrastructure investment initiative, NewWorld Environmental Infrastructure, L.P, in partnership with the CleanTech Alliance Fund, managed by North Sky Capital of Minneapolis, Minn.

 

Soltage specializes in the development, design, ownership, finance and operation of solar power plants for large commercial customers.  Since its founding, Soltage has successfully developed 10 solar power generating projects representing more than 14 megawatts (MW) of distributed generating capacity.  Soltage is backed by a group of investors, including independent energy company Tenaska, ranked by Forbes as the 35th largest privately held U.S. company based on 2011 revenues, with approximately 11,000 MW of power generating assets under management.

 

For more information

Contact Nick Sangermano, tel (646) 415.4643 nick.sangermano@ambata.com or visit http://www.soltage.com

About Soltage

Soltage, LLC is a full service renewable energy company that develops, finances, and operates solar energy stations serving client facilities across the U.S. Using proven technology and distributed generation facilities, Soltage supplies a significant portion of client long-term energy demand at a cost below retail rates.  Soltage has an office in Hartford, Conn. and is headquartered in Jersey City, N.J.  For more information visit Soltage at www.soltage.com.

 

About NewWorld Capital Group

NewWorld Environmental Infrastructure, L.P. was established in collaboration with North Sky Capital and provides project equity for clean infrastructure assets and structured equity to companies engaged in deploying clean infrastructure.

 

NewWorld Capital Group is a private equity firm focused on investing in the rapidly growing environmental opportunities sector, principally in the United States and Canada.  NewWorld makes growth capital and control investments in growing mid-sized and smaller companies in energy efficiency, clean energy, water reclamation and reuse, waste-to-value, and related environmental services.  The Firm does not accept technology risk and invests only when a productive relationship can be formed with company management.  NewWorld was founded by a group of experienced investors and business builders from General Electric, McKinsey, and several private equity firms.  (www.newworldcapital.net)

 

 

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Categories: Enviro/Energy/Engineering Industry Network, Venture Capital

Author:NJ Tech Council

The New Jersey Tech Council helps companies grow and supports the tech, innovation and entrepreneurial ecosystems in the state and region.

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