DENVER & PHOENIX–(BUSINESS WIRE)–SolRiver Capital LLC (“SolRiver”), a solar investment fund that acquires and owns distributed generation and utility scale projects, announced today it has closed on $30 million of construction financing with AVANA Capital (“AVANA”), a leader in commercial and renewable energy lending. The portfolio totals 24MW and consists of six projects located across the country.
Since 2017, SolRiver and AVANA Capital have acted as financing partners on 11 projects, helping to grow the clean energy revolution. These have included installations for schools, hospitals, municipalities, and utilities.
Sanat Patel, Co-Founder at AVANA Capital, said, “We are proud of our existing relationship with SolRiver and we look forward to completing this portfolio of projects. SolRiver has been a great partner to AVANA and they are respected in the industry.” Mr. Patel explained, “Our experience with renewable energy combined with our expertise in solar finance, permanent debt, and tax equity enabled us to extend the maximum financing to SolRiver for this portfolio.”
“Our long relationship with AVANA has been invaluable to SolRiver’s success. AVANA’s trust in our ability to deliver compelling projects has enabled SolRiver to quickly close and finance construction across the country, from Oregon to New York,” said Brandon Conard, Managing Partner at SolRiver. “Through years of working together, we have streamlined the financing process, allowing SolRiver to focus on what matters – starting construction and getting projects built.”
“In the rapidly evolving solar market, AVANA strives to work with experienced teams, like SolRiver, who understand how to bring high-quality solar projects to completion,” said Walter Cuculic, Director of AVANA Capital’s Renewable Energy practice. “We look forward to continuing our relationship with SolRiver and making a significant impact in clean energy for years to come.”
SolRiver Capital is a solar investment fund dedicated to financing the development, construction, and acquisition of distributed generation (DG), C&I, and utility scale projects. The group has developed and managed over $400MM of solar totaling 180MW of capacity from 300 projects.
AVANA Capital is a lender and asset manager specializing in niche industries including renewable energy and hospitality. Our team has helped business owners access the capital they need to thrive – leading to economic stimulation, as well as clean energy improvements.
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