Charlotte, NC – HEP group, a globally operating solar investment specialist, has announced the successful completion of debt and tax equity funding for its Oregon Community Solar Portfolio. The 17 MW portfolio, consisting of six solar projects, commenced commercial operation in December 2022 and is expected to produce 22,592,000 kWh of solar energy in its first year. This will be sufficient to power nearly 2,618 homes and avoid greenhouse emissions by 13,930 tons. For investors, community solar offers the opportunity to invest in well-diversified cash flows on a long-term basis, with a large utility backstop. For customers, it allows access to clean renewable energy without committing to the ownership of solar installations.
“Our mission, encapsulated by our slogan ‘there is no planet B,’ is to invest in sustainable energy for a healthier environment,” stated Vivek Srinivasan, Head of Investments for the Americas. “Despite industry challenges in the past two years, the completion of the Oregon portfolio illustrates our unwavering commitment to this cause and showcases our expertise in investing, developing, and delivering sustainable energy solutions.”
The portfolio, costing approximately $40 million in total, allowed HEP to deploy over $16 million on behalf of its ESG conscious investors. Senior secured term debt and tax equity make up the remainder of the capital stack. The Oregon portfolio has achieved full subscription for all its projects, with both residential and commercial customers signing up to participate.
Kaiser Creek, a 2.61 MW project in Molalla, OR, is one of six projects in the Oregon Community Solar Portfolio.