Captona Partners, a North America–focused investment company specializing in power generation and energy infrastructure, has approved commencement of commercial operation of four of its solar assets under Rhode Island’s Renewable Energy Growth (REG) program, further expanding the company’s North American portfolio.
Captona partnered with developer Southern Sky Renewable Energy RI on the four projects and brought in 1st Source Bank to provide the construction loan, perm debt and tax equity for these projects. The four assets commenced commercial operation in October and will be delivering power to National Grid through a 20-year tariff under the REG program. Captona said it considers these projects a strategic investment in the middle-market renewables sector.
Rhode Island’s REG program was created to support the development of 560 megawatts of new renewable energy projects in the state between 2015 and 2020. It has now been extended through 2029, with an annual target of 40 megawatts of new capacity each year.
