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SolaREIT closes on $2M Pennsylvania land deal
SolaREIT closes on $2M Pennsylvania land deal
Listen to this articleSolaREIT, a Rockville-based solar real estate investment fund, has executed a $2 million solar land deal with developer partners PTR Holdco and Prospect 14.
The deal involves a parcel of land on which a 20 megawatt (MW) solar project in Pennsylvania will be constructed. SolaREIT, which launched in late 2020, represents an innovative model in financing solar land and provides more options to compensate landowners for utilizing their land to host solar farms while incenting developers through savings in lease rates.
The project, located in Franklin County, will likely begin construction in the second quarter of 2022. SolaREIT structured the deal to purchase the land pre-construction, allowing the solar project to move forward.
While most solar projects are on leased property, SolaREIT offers alternative options to developers and asset owners that reduce their lease costs. Earlier this year, SolaREIT announced their “Pre-Paid Solar Land Lease” allowing solar developers to provide landowners with up-front payment for up to 40-years of lease payments while reducing developers’ lease costs and therefore ongoing operating expenses.
