Infinity Energy Raises $ 117 Million for Commercial Solar Development – ​​pv Magazine USA

The funds will be used to support the development of 34 MW of commercial and industrial solar power generation throughout New Jersey.

June 24, 2022Tim Sylvia

Infinity Energy, based in New Jersey, announced that it has closed a tax equity facility of up to $ 87 million and a $ 30 million construction revolver allocated to support its expanding portfolio of commercial solar projects.

The company said the money will be used to support the development of 34 MW of commercial and industrial (C & I) solar throughout New Jersey. The portfolio consists entirely of power purchase agreements (PPAs) for all sites, but no power purchaser has yet been nominated. Infiniti Energy builds, owns, and operates all sites that work with diverse groups of solar offtakers, including retail, large apartment, commercial, and industrial clients.

Construction of the 34 MW portfolio is underway and is expected to be completed by the end of 2022.

“The Infinity Energy team is excited about the opportunity this funding represents,” said Michael Kushner, CEO of Infinity Energy. “Expanding Infiniti Energy’s solar portfolio while having a positive impact on our clients, the environment and our investors is an important step.”

This latest funding round is based on $ 60 million in April 2021 when Upper Bay Infrastructure Partners committed to Infinity Energy Services to establish Infinity Energy. Infinity Energy is a C & I solar developer in the Northeast and Mid-Atlantic regions and Infiniti Energy Services is a C & I solar developer. Upper Bay initially promised $ 60 million to accelerate the development and acquisition of Infiniti’s solar assets and expects total investment opportunities in the project pipeline to exceed $ 200 million by 2024. ..

One of Infiniti Energy Services’ most notable C & I facilities is the approximately 1 MW rooftop solar array in the PepsiCo bottling warehouse, approximately an hour north of Trenton in Piscataway, NJ. This project is part of PepsiCo’s US and global corporate sustainability initiative.

The total 992.8kW project includes 2,482 Trina 400 W modules with Tigo fast shutdown units, PanelClaw FR10D racks, and 12 Chint 60kW inverters.

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https://ift.tt/FZsozV0 Infinity Energy Raises $ 117 Million for Commercial Solar Development – ​​pv Magazine USA

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