SunVest Solar, a vertically integrated distributed solar project developer, closed a $60 million construction loan facility to support 50 MW of community solar projects across Illinois, Maine, and Minnesota through the remainder of 2023 and into 2024. All the projects under the facility will be owned and operated by SunVest, bringing its total assets under management to over 125MW.
“We are excited to establish this new financing facility, which provides a flexible capital solution as we continue to convert our project pipeline into operating assets under management,” said Bram Walters, CEO of SunVest Solar.
In December 2022, SunVest Solar announced closing a $113 million debt facility and $41 million tax equity for 56 MW of solar projects in Illinois, Maine, Minnesota, and Wisconsin. The construction will be done in stages through 2023, with part construction already underway at ten projects across all four states.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Aspen Power, developer of a distributed generation platform focused on solar and storage assets across the U.S., along with Foss & Company, an investment fund sponsor, recently announced a $60 million tax equity funding for 27 solar projects across four states totaling 82.8 MW. Of the 27 solar projects closed, 19 are operational, and the full portfolio represents 82.8 MW of solar generating capacity.
