Washington, D.C., September 6, 2023 – National Trust Energy Capital is thrilled to announce one of its largest portfolio investments to date, financing $65 million in solar investment tax credits (ITCs) for a portfolio of 100 solar installations across California. This milestone investment is in partnership with Forefront Power, a leading developer and long-term owner-operator of solar energy and storage projects.
This portfolio, developed end-to-end by ForeFront Power and with a development cost of over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connect to four city utility services and several of the largest counties in the state. Soon, hundreds of thousands of residents will be able to benefit from energy savings provided by these installations. This investment underscores National Trust Energy Capital’s commitment to investing in renewable energy that serves a broad community base, contributing to a sustainable future for all.
“We’re incredibly proud of this landmark investment,” says Alyssa Watt, Senior Transaction Manager for National Trust Energy Capital. “ForeFront Power has been an exceptional development partner every step of the way. Working with Forefront Power on the initial investment, and then expanding this portfolio seven months later, enabled us to make a significant impact on the communities that these installations will serve. This project is a testament to our ongoing commitment to advancing clean energy across the nation.”
We are thrilled to partner with National Trust Energy Capital on this solar plus storage portfolio. Their commitment to the success of this investment was evident from the beginning, and their ongoing expertise in tax equity financing and support for a multi-project, distributed generation portfolio have ensured a smooth and efficient financing process from start to finish. Together, we’ve been able to make a significant positive impact on communities across California.
The portfolio primarily consists of “canopy” systems, in which the panels are elevated over parking lots, allowing cars to park underneath. In addition to delivering significant environmental benefits and customer savings, this development style reduces the need for construction on undeveloped land and gives sprawling parking lots productive use. ForeFront Power has a very similar portfolio available with a larger total capacity that will reach commercial operation in calendar year 2024, and the company is excited about the potential to continue delivering best-in-class projects for its customers and investment partners.
Several installations within this portfolio will also qualify for various additional credits, or “adders,” for being located within an “energy community.” Released as part of the Inflation Reduction Act (IRA), energy communities are designated locations that have experienced economic hardship stemming from the fossil fuel industry or other environmental hardships. These include:
In December 2022, National Trust Energy Capital provided an initial investment for a 48.5 Megawatt DC (MW-DC) portfolio of 79 solar installations. In July 2023, the organization further expanded its investment commitment for the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW-DC. This additional commitment brought total financing to $65 million in ITCs, marking the largest investment by installation count in National Trust Energy Capital’s history and demonstrating the organization’s trust in ForeFront Power as a developer and long-term partner.
“We are thrilled to partner with National Trust Energy Capital on this solar plus storage portfolio,” says Bryan Eckstein, SVP, Corporate Development & Project Finance at Forefront Power. “Their commitment to the success of this investment was evident from the beginning, and their ongoing expertise in tax equity financing and support for a multi-project, distributed generation portfolio have ensured a smooth and efficient financing process from start to finish. Together, we’ve been able to make a significant positive impact on communities across California.”
National Trust Energy Capital, a division of the National Trust Community Investment Corporation (NTCIC), provides tax credit equity for renewable energy projects that deliver measurable community benefits. NT Solar specializes in community solar, energy storage, and projects that serve low-income households or are located in historically underserved areas. Visit www.ntenergycapital.com to learn more.
ForeFront Power is a leading developer of commercial and industrial-scale (C&I) solar energy and battery storage projects in the U.S. and Mexico, also offering vehicle fleet electrification services. The ForeFront Power team has 15 years of experience working together to develop more than 1,400 behind-the-meter and community solar projects, totaling more than 1.1 gigawatt-DC of renewable electricity. ForeFront Power serves business, government, education, healthcare and community solar customers with a broad array of development, asset management, and advisory services from its San Francisco headquarters and via teams based in New York, Mexico City, and across the U.S. through a hybrid work model. For more information, visit www.forefrontpower.com.
National Trust Energy Capital brings investors, developers, and energy opportunities together through experienced tax credit investment and asset management expertise. Whether you’re looking to put capital to work or secure financing for an energy project, our team can help you identify opportunities, navigate complexity, and move forward with confidence.