Solaris and Namaste executives discuss Colorado State University project and expansion plans
Solaris Energy and Namaste Solar have completed 19 net-metered solar projects across Colorado State University, with a 4.25 MW project in the final stage of development, Solaris Energy Vice President and Co-Owner Nick Perugini said in an interview with NPM.
The entire behind-the-meter PPA consisted of 17 rooftop solar systems and three ground-mounted sites, with Standard Solar as the long-term owner and operator and CSU as the off taker.
Solaris Energy and Namaste Solar jointly won a CSU issued RFP toward the end of 2020. The first batch of projects were energized in August of 2022, and the last ground-mounted project on the Foothills Campus is projected to be operational by the end of this spring.
“Really, it would operate perfectly fine right now, but we are not allowed to turn it on until the transformer is changed due to Xcel regulatory changes over the last few years,” Perugini said.
During the initial stages of development, Solaris hit a delay for two sites behind a master utility electric meter that measured multiple properties and buildings.
While the buildings would “more than absorb” all of the solar production slated by the meter, the developer discovered a 10-year-old larger system was already connected behind that specific master meter.
Solaris and Namaste had to install new transformers to bring all the solar behind said meter up to today’s regulations.
“We both place a great deal of value on partnering with companies that we can trust and that we know we can work together with to overcome obstacles that are inherent in these types of projects,” said David Henry, Senior Director of Commercial Business Development for Namaste Solar.
Perugini believes the existing system behind that one master electric utility meter had about 5.5 MW of capacity and was installed between 2010 and 2011 in two phases. Solaris couldn’t confirm who installed it.
Solaris’s internal fund provided development and early construction for the EPC builder, Namaste. ANB Bank provided Solaris with a later-stage construction loan, while Fort Collins Utilities contributed minor rebates for the two delayed sites in need of transformers.
Solaris and Namaste previously worked together on 1.2 MW of solar on six CSU buildings between the years of 2014 and 2016, which Solaris still owns and operates. One of the ground-mounted sites is located on the site of the Agricultural Research, Development and Education Center at CSU, where sheep graze among the PV panels.
Although this could be considered an agrivoltaic project, crops aren’t growing underneath the solar array at this time.
Solaris and Namaste have also encouraged CSU to graze sheep, or practice agrivoltaics in any capacity, beneath the other ground-mounted solar arrays.
This site is Solaris’s third agrivoltaic or “semi-agrivoltaic” project, including the ground-mounted Fort Collins, Colorado project, which fosters pollinator habitats.
Solaris profile
With this new portfolio addition, Solaris focuses on solar and solar-plus-storage development in the C&I and community solar markets, particularly working with MUSH projects.
The Colorado-based developer’s preferred project types consist of 500 kW to 5 MW of rooftop, battery, carport and ground-mount solar arrays.
Over the next two years, Solaris expects to complete about 20 MW of total capacity.
Solaris remains active in New Jersey, Massachusetts, Vermont, California and Arizona, and favors work in the team’s “own backyard” of Colorado, but low C&I utility energy-only rates can make it challenging.
“Until recently, policy favored our work,” Perugini said. “As California and Arizona become more challenging, we continue to expand our network in the Northeast, where incentives and utility prices make for a favorable solar financing environment.”
Solaris is closely eyeing New York and Connecticut for expansion, as the finance team focuses on expanding the HoldCo funding pool this year via “various capital markets and funding structures,” Perugini said.
Perugini continued to say that the developer occasionally brings in financial advisors to connect with networks and discuss creative capital raising opportunities, including a “groundbreaking” offering that will be announced later this month for accredited investors.
Namaste Solar works solely in Colorado’s C&I and community solar markets, with community solar representing more than half of the non-residential pipeline the EPC builder designs and installs.
*This story was originally published exclusively for NPM subscribers last month.
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