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A community solar development in Illinois, which, alongside New York, is one of two target states in the recent financing deals. Image: Nexamp.
Two separate community solar platforms in the US have closed new financing facilities worth over US$370 million combined to fund almost 200MW of projects in New York and Illinois.
California-based community solar and distributed renewables platform 38 Degrees North and infrastructure investor and owner Generate Capital have closed deals of US$260 million and US$117 million, respectively, to build out their community solar portfolios in the two states.
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38 Degrees North’s US$260 million funding round with Apterra Infrastructure Capital will support the construction of 85MW of community solar.
Ryan Bennett, partner at 38 Degrees North, said of his company’s deal: “New York and Illinois continue to be among the most active community solar programmes in the country, with both states designed to bring new generation online while passing savings directly to subscribers. As project queues lengthen, developers with permitted, ready-to-build pipelines and the capital to finance them are best positioned to convert that backlog into operating assets.”
This, combined with another financing facility 38 Degrees North closed last month, means the company has raised US$1.7 billion in capital to date as it expands its portfolio of community solar and distributed generation projects across key markets. The company acquires a 104MW portfolio from Cypress Creek Energy in June and has over 100 projects and 500MW under construction or operating, with an advanced pipeline of more than 250MW planned for construction in the next 24 months.
Meanwhile, Generate Capital’s US$117 million term debt facility with financial group MUFJ will support its Solar Fund 11, which comprises 18 community solar projects totalling 114MWdc, also in New York and Illinois.
The company has to date closed approximately US$1.4 billion of financing commitments across a portfolio of infrastructure investments spanning community solar, battery energy storage systems and energy efficiency.
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