US-based Leyline Renewable Capital announced on June 16 that it has established a partnership with Solterra Energy. According to the official press release about this event, Leyline will provide USD 10 million to Solterra. The latter will use the capital for early-stage growth and the development of up to 1GW of DG and utility-scale PV projects in the eastern part of the US.
Originally named Solterra Partners LLC, Solterra is expected to use the capital that it has raised to expand its presence in the southeastern part of the US, especially the service regions of PJM and MISO. The company said several of its large-scale PV projects that are now under development will be operational before 2030. Established in 2014, Solterra has 450MW of projects that are completed or under development.
In the press release, Leyline pointed out that it provides “unique, non-dilutive financing solutions” that allow founders of PV project development companies to keep control of their companies. Dennis Richter, president of Solterra, said Leyline’s offer was “really attractive” because it ensures the autonomy of his core team and enables the team to expand by recruiting talents who can deliver high-quality projects. Additionally, Leyline will provide expertise and on-call support.
Earlier this April, Leyline announced that it will invest USD 52 million in the Longbow Solar Project (Farm) in Texas. This project is scheduled to enter operation this August.