US investors Generate Capital and KeyState Renewables have closed their third joint fund, which has raised US$64 million to support the development of 53.5MW of community solar projects in the state of New York.
The fund, Generate NY Community Solar, consists of 11 projects in the US state, three of which are located in areas with “higher-than-average unemployment” and a “historic economic reliance” on the fossil fuel industries. The latest investment is organised by KeyState’s solar tax credit fund platform, dubbed SOLCAP, which is now on track to raise over US$450 million in solar tax equity financing across the US, to support the installation of 450MW of capacity.
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“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.”
The companies have collaborated extensively on clean energy deployments in the past, having now collaborated on three funds with a total of US$150 million in investment. They have also agreed to develop a fourth fund, which will support community solar investment and aim to “bring additional renewable energy assets online”.
Investors are expected to support greater community solar deployment in the US in the coming years, with Wood Mackenzie and the Coalition for Community Solar Access (CCSA) expecting 7.3GW of community solar capacity to come online by 2029. Last month, Nate Owen, CEO of community solar management firm Ampion told PV Tech Premium that community solar projects are “very bankable right now,” which is helping to drive interest in community solar projects from large corporate investors.
In the last two weeks, projects at a range of scales have been announced for the sector, from an initiative in Detroit that will see 10MW of solar capacity installed in the first phase to a collaboration between Microsoft and Pivot Energy to develop 500MW of new capacity.
