HA Sustainable Infrastructure Capital (HASI), an investor in climate solutions, announced the closing of a structured equity financing with IGS Solar, a solar finance company and an affiliate of IGS Energy, to finance residential solar and energy storage systems in the U.S. The company did not disclose the financial details of the deal.
HASI’s first equity investment in the partnership is expected to finance the installation of a 71 MW rooftop solar portfolio in 2025. The systems in the portfolio are mainly contracted to homeowners via 25-year leases and are expected to be located across 11 states, primarily focusing on Florida, New Jersey, New York, and Pennsylvania.
Marathon Capital acted as the financial advisor to IGS Solar on the transaction.
IGS Solar expects this financing partnership to support deploying solar and energy storage systems for up to 60,000 customers over the next three years.
“IGS’s forward-thinking approach and well-established profile as one of the largest independent retailers, combined with their significant experience and growth as a residential solar sponsor, make them an ideal partner,” said Daniela Shapiro, Senior Managing Director of HASI. “This investment marks an exciting milestone, and we look forward to building a strong programmatic partnership with IGS Solar to advance our shared mission of creating a sustainable energy future.”
In August 2024, HASI and Summit Ridge Energy, a community solar project owner and operator, closed a $309 million back-leveraged term loan on an 80 operating community solar project portfolio. Summit Ridge Capital Holdings, a joint venture between Summit Ridge Energy and HASI, owns the projects.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Earlier this week, CCE Holding, an independent power producer, announced the closing of €24 million (~$24.64 million) in project financing with Frankfurt-based Commerzbank to support the construction of a 42 MW solar project in Italy.
