SolaREIT Closes on $12 Million in Land Deals with Norbut Solar Farms

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Aug 01, 2022, 08:15 ET

Deal Involves 500+ Acres and 84+ MW of Community Solar Projects in New York

ROCKVILLE, Md., Aug. 1, 2022 /PRNewswire/ -- SolaREIT, a solar real estate investment fund, has executed agreements totaling $12.2 million for solar land with developer Norbut Solar Farms. The deal involves four projects across 500+ acres of land in New York on which are sited more than 84 megawatts (MW) of community solar. SolaREIT, which launched in late 2020, provides an innovative model for financing solar land and offers options to compensate landowners for utilizing their land to host solar farms.

"We're excited to work with Norbut Solar Farms to grow their business by financing their land holdings. Dave Norbut and his team have been developing projects throughout New York for more than two decades and are one of the most well-respected developers in the state. Solar projects require large expanses of land and lease payments that tie-up capital and increase costs for developers. Now more than ever, developers need financial flexibility, so they can focus on doing what they do best—develop solar projects," said Laura Pagliarulo, President of SolaREIT.

"SolaREIT is providing valuable financial innovation and flexibility to the solar development industry. We are accessing capital through this deal, which will fuel the expansion of our early-stage solar development efforts across New York. Financial innovation has helped expand residential solar over the past decade; now SolaREIT is bringing innovation to community solar development," said Dave Norbut, Norbut Solar Farms.

Community solar development is land and capital intensive. SolaREIT can offer alternative options to developers and project owners that free up capital or reduce their lease costs. Last year, SolaREIT announced their "Pre-Paid Solar Land Lease" allowing solar developers to provide landowners with up-front payment for up to 30-years of lease payments.

About SolaREIT: SolaREIT, based in Rockville, Maryland, focuses on making investments in acquiring, developing, and managing climate-friendly solar assets that support the transformation to a low-carbon economy. We aim to provide unique products to clients while generating attractive returns for our investors. For more information, please visit www.solareit.com.

SOURCE SolaREIT