Excelsior and Unico Solar for long-term partnership to build 250-MW of C&I solar projects –

This week,
renewable energy investor, Excelsior Energy Capital, and solar energy systems
developer and investor, Unico Solar Investors, announced the closing of a joint-venture
partnership to build, own and operate a 250-MW pipeline of C&I solar
projects in North America.

Unico Solar
will use its real estate network to develop and manage the portfolio as well as
oversee construction and asset management while maintaining a minority equity
position. Excelsior, through its North American Renewable Fund will acquire the
projects into its profile upon start of construction.

The C&I
portfolio will be comprised of ground-mount, rooftop and carport solar projects
totaling 250 MW of capacity, located in Arizona, California, Colorado, Hawaii,
Massachusetts, Nevada, New Jersey, New York, Oregon and Washington, among
others.

The projects
will sell electricity to a mix of customers including commercial businesses,
property owners, municipalities, education institutions and utilities.
Construction of the first set of projects is estimated to begin in Q3 2020.
Excelsior is raising tax equity, construction and permanent debt financing for
the projects.

Anne Marie Denman, a Partner at
Excelsior, said, “The Unico Solar platform brings deep experience in commercial
real estate and C&I solar development that aligns well with Excelsior’s
mandate to own and operate renewable investments with contracted returns.
Excelsior’s sourcing and investment strategy focuses in large part on long-term
partnerships with thoughtful top-tier developers and operators like Unico
Solar, where there is a clear framework and set underwriting guidelines to
execute on multiple, programmatic investments.”

Brett Phillips, Unico Vice President and
co-founder of Unico Solar Investors, stated, “This groundbreaking partnership
is built to accelerate that ambition by combining Unico’s decades of commercial
real estate experience with Excelsior’s proven investment execution in the
renewable power sector so more consumers can realize the benefits of clean
energy.”