SunVest Solar LLC has closed $154 million in debt facility and tax equity to support the construction and operation of 56 MW in solar projects in Illinois, Maine, Minnesota and Wisconsin.
Construction will take place on a staged basis throughout 2023, with construction already underway at 10 projects across all four states. The portfolio will be owned and operated by SunVest and represents the largest portfolio it has developed and constructed since its inception in 2009.
The $154 million in funding is comprised of a $113 million debt facility from Silicon Valley Bank and $41 million in tax equity from Rockwood Group, through its partnership with Fortune 250 Guardian Life Insurance Company of America.
Customers purchasing power from the projects include a regulated utility under long-term power purchase agreement, as well as community solar subscriptions from a variety of commercial and residential customers. The various geographies and revenue structures of the projects create significant diversification for the portfolio.
The senior debt financing is led by Silicon Valley Bank, a financial services provider with experience in community solar financing, and is comprised of a construction loan, tax equity bridge loan and permanent loan. The facility, along with tax equity from Rockwood Group, through its partnership with Fortune 250 Guardian Life Insurance Company of America, will enable SunVest to fully construct, operate and own the portfolio under a subsidiary.
“We are committed to supporting high quality projects in the rapidly growing community solar space, which makes solar more accessible for all Americans and is crucial in efforts to combat climate change,” said Bret Turner, head of project finance, business development and innovation for Silicon Valley Bank. “The community solar subscriptions and PPA opportunities in SunVest’s portfolio offer customers an easy way to participate in the benefits of solar energy.”