Leyline Renewable Capital is providing $10 million (€9.5 million) in early growth and development capital to Solterra Energy to support up to 1 GW of distributed generation (DG) and utility-scale solar projects in the eastern United States.
Solterra, formerly known as Solterra Partners LLC, intends to use the new funds for project-related expenses and working capital costs. Its expansion is focused on the southeastern U.S., PJM and MISO service areas. Since its inception in 2014, the company has developed more than 450 MW of solar projects, some of which have already been completed.
The renewable energy financier explained that it offers a non-dilutive financing solution that allows the founders to retain control of their company.
"Rheinland's funding is very attractive because it gives us autonomy," said Dennis Richter, president of Solterra. , he added: "It has enabled us to develop a core team of experienced personnel to deliver high quality projects."
In addition, Leyline will provide project development expertise in the form of on-call development support.
(US$1.0 = €0.953)