Unico Solar Investors, Excelsior Energy Capital and Namasté Solar break ground on four new community solar gardens totaling 8 MW
Subscription-based model available to both commercial and residential properties through Xcel Energy
DENVER (Jan. 14, 2021) — UX Solar, a joint-venture partnership between Excelsior Energy Capital ("Excelsior") and Unico Solar Investors LLC ("Unico Solar"), along with co-development partner Namasté Solar, announced the groundbreaking on four new community solar gardens in the Denver metro area, totaling 8 MW of capacity. In 2019, Xcel Energy selected Unico Solar and Namasté Solar to develop and build the new community solar gardens.
"At Unico Solar, we're committed to expediting Colorado's transition to a clean energy future," said Adam Knoff, associate director and co-founder of Unico Solar. "Thanks to strong partnerships with Excelsior, Namasté Solar and Xcel, we're helping to realize that future by providing an alternative source of electricity for communities across the Denver metro area. We look forward to identifying additional opportunities to advance and scale the use of clean energy within the commercial, industrial and residential real estate sectors."
While previous projects through this program have primarily served the public sector, this first-of-its-kind community solar project will operate on a mixed subscription-based model, providing large-scale access to solar energy for both residential and private commercial customers. Seventy-five percent of the renewable power will be provided to 16 buildings owned by Unico Properties in Boulder and Denver. The remaining 25% will be sold to residential customers.
UX Solar will lease a total of 1.7 million square feet (or 40 acres) between the four sites. Each site is expected to generate 3,649,327 kilowatt-hours (kWh) per year, totaling 291,946,179 kWh over the 20-year contract term with Xcel Energy. The solar electricity generation will reduce carbon emissions by approximately 206,400 metric tons of carbon dioxide, equivalent to burning 227,400,000 pounds of coal.
"We are excited to have received these awards in the 2019 Community Solar*Rewards Program amongst a competitive field," said Jason Sharpe, Co-Owner and CEO at Namasté Solar. "The Namaste Solar team brought 15 years of local experience in Xcel Energy's Solar*Rewards programs to this portfolio which proved invaluable over the last year of development. Now, having broken ground, we look forward to leveraging our in-house designs and employee-owner lead construction team to build high quality, reliable systems and bring more renewable energy to our local communities."
These community solar gardens work toward Colorado's overall goal to achieve 100% renewable energy by 2040, as set forth by Governor Jared Polis's HB-1003, the Community Solar Gardens Modernization Act, which makes it easier for the state's residents to access clean energy.
The new sites are part of a 250 MW portfolio of commercial and industrial ("C&I") solar projects being built by Unico Solar and Excelsior across North America. The sites will sell clean electricity to a diversified mix of consumers, including commercial businesses, property owners, municipalities, educational institutions, entertainment facilities, utilities, and other electricity customers under long-term power purchase agreements.
To learn more about Unico Solar Investors, please visit unicosolar.com.
About Unico Solar Investors
Unico Solar Investors is a wholly owned subsidiary of Unico Investment Group that develops, owns, and operates solar energy systems for its own real estate portfolio and for third-party customers. Unico Solar Investors develops solar energy portfolios that provide long-term, a cyclical cash flow by selling clean energy to a diversified mix of electricity consumers that include utilities, commercial and industrial buildings, government facilities, entertainment facilities, and educational facilities, among others. For more information, visit unicosolar.com.
About Excelsior Energy Capital
Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America. The Excelsior management team alone brings over 70 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. For more information, visit http://www.excelsiorcapital.com.
About Namasté Solar
Since 2005, Namasté Solar has developed, designed, installed, and maintained solar electric systems for homeowners, commercial property owners, and utility-scale developers. Namasté Solar, an employee-owned Colorado Public Benefit Corporation and Certified B Corporation, also provides highly specialized solar engineering, design, and consulting services, as well as maintenance and operations for solar projects across the United States. The company is on a mission to accelerate the adoption of clean renewable energy and to prove there is a better way to do business. As a B Corp, Namaste Solar is part of a global movement using business as a force for good to solve social and environmental challenges. The company has installed more than 8,100 clean energy systems that produce over 103 megawatts combined. For more information visit: namastesolar.com