SolaREIT™, the leading solar and battery storage real estate investment company, today announced the completion of a land purchase supporting a 39-megawatt AC solar project in Pennsylvania for Solops®, a Denham Capital portfolio company. Solops, an Independent Power Producer of photovoltaic solar projects in the commercial and industrial sectors (C&I), has developed more than 3GW of projects across 30 states and $2.1 billion in financing. The transaction, which closed in under 45 days, enables Solops to leverage the proceeds of the land purchase as a lower-cost alternative to traditional development capital for other projects in their pipeline.
"Access to affordable capital at the right time can determine a solar project's success," said Laura Pagliarulo, CEO of SolaREIT. "Our real estate financing solutions help developers maintain their momentum and bring more projects online. Working with experienced developers like Solops, who bring deep expertise and a track record of successful execution, makes this process even more efficient."
"I have been involved in many deals in my career. This was one of the smoothest and most professional transactions that I have been involved with," said Matt Rosenblum, CEO of Solops. "SolaREIT's streamlined approach and understanding of developer priorities enabled us to keep our project on track. This land acquisition not only supports our progress but also allows us to allocate capital to other projects in our pipeline."
SolaREIT provides financial solutions to developers and project owners that allow them to monetize land and lease value, free up capital, and reduce lease costs. In addition to land purchases, SolaREIT offers lease purchases, and solar and storage land loans, in all 50 states.
