CleanCapital, an independent power producer focused on distributed clean energy, including solar and energy storage, announced the completion of a $185 million private placement debt.
The debt facility will be used to finance a portfolio of 156 distributed generation projects totaling more than 180 MW, spanning solar and energy storage assets across the U.S.
As energy demand continues to rise across the U.S., affordability has become a growing national concern. Distributed solar and energy storage offer a cost-effective way to add new capacity to the grid while enhancing reliability. Milbank acted as legal counsel to CleanCapital on the transaction.
“This is a significant accomplishment for CleanCapital, cementing our place among the most mature and trusted operators in the market,” stated Melinda Baglio, General Counsel and Chief Financial Officer at CleanCapital. “This transaction provides a long-term, scalable financing solution tailored to the needs of distributed generation projects, enabling us to efficiently finance projects and deliver more clean and affordable megawatts to the grid.”
In July, the company announced the acquisition of a portfolio of 64 operating solar projects totaling 51.2 MW from Greenbacker, an energy-transition-focused investment manager and independent power producer. The portfolio is distributed across 13 U.S. states, including a diverse mix of rooftop and ground-mounted solar projects. Most of these projects serve municipal, university, school, and hospital entities, as well as commercial customers.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In December, Grenergy, a renewable energy company, secured €98.8 million (~$116.26 million) senior non-recourse financing for the 172 MW Ayora solar project. The financing also includes a €13.6 million (~$15.97 million) line of credit loan. The project is located in Valencia, Spain. Banco Santander has fully underwritten the transaction.
