Howell-based Infiniti Energy on Wednesday said it closed on an $87 million tax equity facility and $30 million construction revolver earmarked to support a growing portfolio of commercial solar projects.
Financing will support 34 megawatts of commercial and industrial solar located in New Jersey. The portfolio will be comprised entirely of power purchase agreements for all sites. Infiniti Energy will build, own and operate all sites working with a diverse group of solar offtakers, including retail, large multifamily residential, commercial and industrial clients. This closing falls on the heels of a partnership formed in 2021 with Upper Bay Infrastructure Partners, investing in Infiniti Energy with a focus on the development and acquisition of solar assets.
“The Infiniti Energy team is excited about the opportunity this financing represents,” Michael Kushner, Infiniti Energy CEO, said. “It is an important step to expand Infiniti Energy’s owned solar portfolio while positively impacting our clients, the environment and our investors.”
“Innovation and client service are built into our company DNA,” Kushner added. “Working with exceptional financial partners who help us fulfill the needs of the market and clients is a huge boon to expanding our solar offerings.”
Construction is underway on the portfolio, with completion expected by the end of 2022.