Syncarpha secures USD 100m of financing for solar plus storage projects

Source: Syncarpha Capital

July 11 (Renewables Now) - US community solar developer Syncarpha Capital LLC has secured USD 100 million (EUR 99m) of financing to roll out solar and solar plus storage projects in Massachusetts and other locations in New England.

Syncarpha and Rosemawr Sustainable Infrastructure Management, the sustainable infrastructure investment arm of investment firm Rosemawr Management, today unveiled an initial USD-100-million financing partnership to build such projects.

"The deployment of shared community solar and energy storage infrastructure creates benefits for the power infrastructure and communities in the region, delivering long-term power savings to our customers and critical support to the grid through the implementation of energy storage," said Syncarpha chief executive Cliff Chapman.

Syncarpha, set up in 2009 and based in New York, develops, acquires, finances, owns and operates distributed generation solar, community solar and solar plus storage projects. It currently operates more than 150 MW of ground mounted and rooftop solar in 10 states. The company’s largest shareholder now is Pacolet Milliken LLC, a private investment firm owned by the Milliken family.

(USD 1 = EUR 0.990)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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