By offering long-term solar mortgages that can be repaid from project cash flows, the founders of Radiant REIT plan to meet an industry need. The REIT is starting with a $300 million fund.
A new company, Radiant REIT, is inviting loan inquiries from solar developers to refinance short-term debt and buy out tax equity investors. Radiant REIT plans to issue long-term loans that match the duration of a solar project’s lease or power purchase agreement.
The firm expects to make its first loans by the end of the year, as it is “in the middle of closing” a $300 million equity raise, said co-founder and CEO Jeff Just in an email. The firm’s team, comprised of Mr. Just, co-founder Jim Spano, and three board members, has financed over $1 billion of projects to date, per the firm’s website.