SAN DIEGO--(BUSINESS WIRE)--Luminia accelerated commercial solar and storage adoption in a breakout year for the company by processing over $2.5 billion in financing requests across the U.S. for solar-plus-storage projects averaging over 1 MW, resulting in Development Agreements for almost 200 MWs of commercial solar projects, with an active development pipeline of an additional 600 MWs. This includes engaging with dozens of real estate portfolio owners, such as Gables Residential, representing nearly 900 million square feet of commercial, industrial, multifamily and hospitality properties.
In addition to expansions for its advanced technology platform for on-the-spot pricing proposals, instant property prequalification and portfolio analysis, Luminia also expanded its reach in community solar with key partners like New Hampshire Solar Garden.
“Our extensive background in renewable energy, commercial real estate and capital markets has given us a key advantage in delivering solutions that are uniquely suited to complex commercial markets,” said David Field, CEO and co-founder of Luminia. “By eliminating the financing barriers that once hindered commercial solar progress, we are experiencing explosive demand from our top rated solar partners, especially in the burgeoning community solar space.”
According to the Solar Energy Industry Association (SEIA), 41 states have deployed at least one community solar project, with an anticipated 5 GW of capacity to be added in the next five years. Luminia, which closed on 15 MW of community solar in Maine earlier this year, provides unique access to intermediate and long-term financing, driving down the cost of development for community solar and rooftop portfolio projects. With over 600 MW in the pipeline, the company is also developing community solar projects in five key markets, including Massachusetts, New York, Maine, New Hampshire and New Jersey. Projects vary in size and scope to meet individual state and municipal requirements with the pipeline of projects having an average system size of 9.5 MW.
In 2022, Luminia’s first-of-its-kind financing solutions catered to commercial property owners across 36 states with diverse needs. Luminia solutions scale from multifamily and industrial REIT portfolios to private education institutions to agricultural farms. Luminia allows property owners to gain access to a range of sustainability and asset value improvements, such as electric vehicle charging infrastructure, or water conservation improvements, without any out-of-pocket money down, or corporate or personal guarantees, like for this Sacramento farm.
Luminia continues to expand its suite of financial offerings catered specifically to large commercial portfolio owners. “Our team brings decades of experience as owners and lessors of tenant-occupied commercial real estate. Our REIT-friendly financing structures allow landlords to efficiently share the benefits of solar with their tenants, enabling both landlords and tenants to profitably accelerate solar adoption and meet their ESG objectives,” said Jim Kelly, co-founder of Luminia. “In addition, our strategic focus on community solar provides yet another option for our portfolio clients to monetize their rooftops.”
Luminia’s solution was also recently launched on Energy Toolbase’s ETB Developer platform, which now allows renewable energy developers to quickly access Power Purchase Agreement (PPA) quotes and additional financing options that match their customers’ needs directly within the ETB platform.
To learn how solar developers are utilizing Luminia financing to procure more business and how commercial property owners are achieving environmental, social, and governance (ESG) goals while increasing net operating income, visit luminia.io.
About Luminia
Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements and community solar projects 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 partners with property owners, solar developers and portfolio managers to provide purpose-built solutions that offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.
