Generate Capital, a sustainable investment and operating company, and KeyState Renewables, an investment firm, announced the close of their third joint fund, Generate NY Community Solar VI. The closed fund includes a $64 million investment from KeyState, which will be used to develop and manage 11 projects in New York with a total capacity of 53.5 MW.
KeyState’s SOLCAP solar tax credit fund platform will finance the projects. Once operational, these projects are expected to produce around 76.48 million kWh of solar energy in their first year, enough to power up to 10,544 households.
“Accelerating the sustainable infrastructure transition requires investors to find creative ways to finance and deliver clean energy projects. We are thrilled to continue our work with KeyState on our tax equity partnership for community solar and provide the latest proof of the growing demand for renewable energy investment,” said Peggy Flannery, Managing Director at Generate Capital. “This ongoing partnership has allowed us to continue to scale our community solar assets and better serve our developer, customer, and community stakeholders in New York.”
This May, Catalyze, a solar and energy storage project developer, secured $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, the renewable energy sector is witnessing significant growth. Large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023, indicating a promising future for the industry.
