SAN DIEGO--(BUSINESS WIRE)--Luminia, formerly SD Renewables, has entered a joint development agreement with New Hampshire Solar Garden to secure funding for New Hampshire Solar Garden’s pipeline of projects, including five community solar projects in Maine. The projects’ combined 15 MWs of solar adds to Luminia’s growing community solar portfolio, enabling local residents to join the clean energy transition through accessing the benefits of affordable solar energy. Through its unique financial offering and proprietary technology platform, Luminia provides New Hampshire Solar Garden with access to intermediate and long-term financing that is de-risked and normalized for investors, driving down the cost of capital.
“Community solar is essential for many parties in the transition to renewable energy. We are thrilled to team up with Luminia in forming a long-term partnership that increases our access to capital, allowing us to accelerate momentum for a healthier planet,” said Andrew Kellar, founder of New Hampshire Solar Garden. “As Maine strives to become a carbon-neural state by 2045, securing the funding and resources needed to turn that vision into reality is what Luminia brings to the table – and much more.”
The Maine community solar farms – located in Baldwin, Berwick, Brewer, Eliot and Standish – allow residents to purchase credits from a remote solar PV system, resulting in reduced electricity bills. Community solar is favorable for renters, homes with shaded rooftops or those unable to install solar on their property due to other challenges. According to the Solar Energy Industry Association, 113.5 GW DC of community solar has been installed in the U.S. to date, with 4.3 GW expected to be added in the next five years.
“New Hampshire Solar Garden has been an excellent partner in the community solar market, in addition to their commercial and industrial projects, and we are excited to be a part of Maine’s commitment to becoming carbon-neutral,” said David Field, co-managing partner of Luminia. “Through collaboration with our partners, our goal is to make community solar as effortless as possible by streamlining the financing and development process for both officials and our channel partners.”
“Community solar takes a cooperative and mutually beneficial approach to solar projects with Maine communities. Community solar projects create jobs, reduce climate-damaging emissions and decrease reliance on fossil fuels. They also enable towns, schools, businesses and homeowners to save money on their electric bills, all while increasing tax revenues,” said Matthew Fricker, Chairman, Planning Board, Baldwin, Maine.
Solar developers and installers using Luminia’s platform to service rooftop solar transactions can also leverage Luminia as a single point of financing for community solar projects. Luminia’s solution complements the early-stage development work of its channel partners by providing the funding to bring projects to completion.
To learn how Luminia’s team of experts and channel partners provide high-touch, end-to-end advisory, financing and execution support to achieve community solar deployment, visit luminia.io.
Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements at scale. Through novel financing options and artificial intelligence-driven commercial real estate portfolio analysis, Luminia empowers commercial and industrial property owners to implement holistic clean energy and energy efficiency upgrades without barriers. Luminia’s solutions are purpose built to offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.