Renewable Properties Commences Construction on Three California Projects Totaling 17 MW of Solar and 16 MWh of Storage

Each project will provide clean energy to distinct clean energy subscription programs in Sonoma, Mendocino, and Fresno counties

Renewable Properties, a developer and investor in small-scale utility, community solar, energy storage, and electric vehicle infrastructure projects, has broken ground on three new solar projects in California. Scheduled for completion in 2025, the projects will deliver over 17 MWdc of clean, renewable power to customers through programs offered by Sonoma Clean Power (SCP) and Pacific Gas and Electric (PG&E).

Optus Bank, Pathward^®, N.A., and BridgePeak Energy Capital are providing two construction loans to fund the three California projects. The first loan, totaling $16.3 million, will support the construction of Redemeyer Road Solar project. The second loan, totaling $19.518 million, will finance the construction of Althea Phase I and Althea Phase II.

The power from the 5.56 MWdc Redemeyer, located in Ukiah, California, will be procured by Sonoma Clean Power (SCP), the community choice aggregator (CCA) that serves Sonoma and Mendocino counties. SCP will use the generation for its EverGreen program. This unique shared solar program offers SCP subscribers 100% local, renewable power that runs 24/7 from solar, energy storage, and geothermal facilities that are sited within Sonoma and Mendocino counties.

In addition to the solar generation, Redemeyer will incorporate a 4 MWdc/16 MWh energy storage system, which will shift solar energy from when it is generated in the middle of the day to the evening when SCP's customers need it most. Once completed in Q3 2025, Redemeyer will generate enough solar electricity to power 1,021 average homes per year and offset 5,667 tons of carbon dioxide annually.

Renewable Properties also commenced construction on the Althea Avenue Solar Phases 1 and 2 projects in Fresno County, California. Both phases will complete construction by Q4 2025.

The 6.42 MWdc Althea Solar Phase 1 will generate enough electricity to power 1,311 homes per year and offset the equivalent of 7,275 tons of carbon dioxide annually. Its renewable energy will contribute to PG&E's Disadvantaged Communities (DAC) Green Tariff program, which provides clean power to low to moderate income-qualified residents with a 20% discount on their electric bills.

The adjacent 5.02 MWdc Phase 2 project is part of PG&E's Solar Choice program. Solar Choice allows customers who can't install solar on their roof to purchase solar energy to match either 50% or 100% of their energy use. After completion, the array will generate enough electricity to power 1,021 homes per year and offset the equivalent of 5,667 tons of carbon dioxide annually.

"These projects reflect Renewable Properties' ongoing commitment to expanding locally generated renewable energy," said Aaron Halimi, Founder and CEO of Renewable Properties. "We're grateful to our partners Optus Bank, Pathward, and BridgePeak Energy Capital for enabling us to help more Californians go solar, regardless of income or having rooftop access."

"Financing solar + storage projects like these are critical to supporting the electrification of our economy," said Reginald Webber, Executive Vice President and Chief Credit Officer at Optus Bank. "Our investment underscores our mission to drive clean energy across the U.S."

"Pathward is dedicated to empowering Minority Depository Institutions to participate in the energy transition," said Christopher Soupal, Divisional President and Revenue Lending Officer at Pathward. "We work strategically with mission-driven lenders like Optus Bank to co-finance opportunities that qualify for Deep Impact Credits, allowing our collective capital to go further in underserved communities."

"Our partnership with Renewable Properties dates back to 2019, and we're proud to continue supporting their efforts to expand access to inexpensive and sustainable domestic energy. We look forward to growing our collaboration with both Renewable Properties and our Minority Depository Institution partners well into the future," said Shawn Andrews, CEO of BridgePeak Energy Capital.

Renewable Properties expects to begin construction on 100 MWdc of small-scale utility and community solar projects in California, Illinois, Massachusetts, and New York before the end of 2025. As of March 2025, the company's total development pipeline is 1.2 GWdc.

About Renewable Properties

Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar, energy storage, and EV infrastructure projects, throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties is active in 16 states and has over 1.2 GW of solar and energy storage under development with over 250 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities, and financial institutions looking to invest in solar energy systems. For more information about Renewable Properties, visit www.renewprop.com.

About Optus Bank

Established in 1921 by visionary and courageous African Americans, Optus Bank is on a mission to empower our customers and communities to build lasting wealth and live better financial lives. With a strong commitment to community empowerment, innovation, and sustainability, Optus Bank offers a full suite of financial services that cater to the unique needs of individuals, businesses, and organizations.

About Pathward

Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (NASDAQ:CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Partner Solutions and Commercial Finance business lines. The strategic business lines provide support to individuals and businesses. Learn more at Pathward.com.

About BridgePeak

BridgePeak Energy Capital is the country's leading renewable energy loan service provider to banks and private credit funds. BridgePeak provides comprehensive loan origination, underwriting, closing, servicing and portfolio management solutions designed to maximize value for all stakeholders. As of December 2024, BridgePeak manages a portfolio of more than $2.3 billion in construction and term loans and $350+ million of development loans for its capital partners. For more information about BridgePeak Energy Capital, visit https://www.BridgePeak.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505405531/en/

Renewable Properties

For press inquiries, please contact [email protected]

Pathward media contact:

Courtney Heidelberg

605.291.7044

[email protected]