MIAMI–(BUSINESS WIRE)–Sol-REIT, the first and only company seeking to introduce mortgage REITs (real estate investment trusts) to the renewable energy market, is financing a portfolio of projects that provides three school districts in New Jersey communities with energy clean and renewable at a savings of up to 72% over average state energy costs.
Sol-REIT’s $9 million refinance loan to DIASASP Holdings, the developer of solar systems in New Jersey’s Delsea Regional, Middletown Township and Plainfield school districts, will support continued generation of low-cost renewable energy for the districts under their power purchase agreements.
“It’s critical that the benefits of clean, renewable solar power be available to everyone,” said Tom Gleckner, project manager for DIASASP Holdings. “DIASASP is excited to provide significant energy savings to these school districts, which will also benefit their entire communities and fund student needs in the future.”
The projects generate an accumulation of 7.4 megawatts of solar energy from a total of 21,467 solar panels covering 25 different installations. Nearly 75% of systems are roof-mounted, with the exception of floor-mounted systems in the Delsea School District.
“This is another example of what Sol-REIT can do for the municipal, utility, school and hospital sectors,” said Mark Settles, CEO of Sol-REIT. “We are prepared to manage a variety of clean, renewable energy-focused projects that provide developers with working capital and cash flow to bring these projects to COD and beyond. We are active with a successful REIT in the market and are deploying capital.
The projects will allow school districts to reduce energy costs to as little as 3.83 cents per kilowatt hour, compared to New Jersey’s statewide average rates of 13.63 kWh.
The project will potentially generate enough clean electricity to power more than 875 homes per year, based on average US home use of 11 megawatts per year, while eliminating more than 4,000 metric tons of carbon dioxide per year. The environmental savings is equivalent to taking 882 gas-powered passenger vehicles traveling more than 10 million kilometers off the road for a year or planting nearly 70,000 trees over a 10-year period.
“Savings from our installations democratize access to clean, renewable energy for municipalities, utilities, schools and hospitals by making the benefits of solar power available to everyone,” Settles said.
About DIASASP Holdings
DIASASP Holdings, LLC is a portfolio management company of solar generation assets. DIASASP Holdings develops solar projects for municipalities, utilities, schools and hospitals. The company is dedicated to providing low-cost solar power to traditionally underserved communities. The Company operates in verticals of the solar industry that involve storage associated with solar energy, and large-scale solar development partnerships with other developers and investors.
Sol-REIT is revolutionizing clean energy financing by offering innovative construction-to-permanent construction loans for mid-market solar developments in North America. This segment is remarkably underserved in today’s renewable energy market. Led by a team of industry experts experienced in solar development, real estate lending, REITs and fixed income, Sol-REIT is the first investment vehicle to bring mortgage REITs to the renewable energy market. In the process, Sol-REIT strives to play an important role in reducing the global carbon footprint. By financing solar energy similar to real estate, Sol-REIT offers flexible financing for solar projects that matches the operational life of the asset while allowing solar developer entrepreneurs to become long-term owners of their own projects. Sol-REIT currently finances individual solar projects with an average loan of $5-50 million. For more information, visit https://www.sol-reit.com
Plainfield Public School District
The Plainfield Public School District was established in 1857 and is a public school district serving pre-K through 12th grade students located in Union County, New Jersey. The district serves an ethnically diverse and growing population of over 8,000 students. The district has one K-8 school, eight elementary schools, two middle schools, one comprehensive high school, one performing arts high school, one credit recovery program, and 14 early childhood centers.
Delsea Regional School District
The Delsea Regional School District is a regional public school district serving students in grades seven through 12 from two constituent communities in New Jersey. Established in 1960, the district comprises two schools with a total enrollment of 1,655 students and 125 teachers for a student-teacher ratio of 13.2:1. The district office is in Franklinville, NJ. The district serves as a collaborative learning community that is passionately committed to educating all students.
Middletown Township Public School District
The Middletown Township Public School District is a highly rated community public school district serving students from kindergarten through 12th grade.and rank in Monmouth County, New Jersey. The district is made up of 17 schools with a total enrollment of over 9,500 students.