Zelestra set to build Gem City Solar in Ohio | Projects Weekly
In this edition of Projects Weekly, we’re looking at a large-scale solar project being built near Dayton, Ohio, plus a series of financing and acquisition deals. First up, Zelestra has entered into a long-term power purchase agreement (PPA) with AEP Energy Partners for the 49.9 MW Gem City Solar project in Ohio. Catalyze has closes on tax equity financing for a 100 MW distributed solar portfolio. CleanCapital has acquired a majority interest in a battery storage portfolio through a joint venture with Osaka Gas. Aspen Power has acquired two community solar projects in upstate New York. Luminace and Renewable Properties have partnered on another solar portfolio in Illinois, totaling 9.3 MWdc. And last but not least, Terra Energy has closed on a series of funding rounds to support its residential solar subscription offerings in the United States. You know what to do now: keep reading for more details.
Zelestra to build 49.9 MW Gem City Solar project in Ohio
Zelestra has inked a new long-term PPA with AEP Energy Partners for the total electricity produced at the proposed 49.9 MW Gem City Solar project in Dayton, Ohio.
“With the AEP Energy Partners PPA, we’re pleased that the Gem City solar project can begin construction in the near future,” said Phil North, Zelestra’s U.S. CEO, said. “Zelestra is committed to delivering the project to the highest possible standards for AEP Energy Partners Inc.”
Bright spot: This project will be one of the largest solar generating facilities within a city limit in the United States. Zelestra is now advancing its construction planning program for the project. Full work on the project is anticipated to begin in early 2027, with the project fully operational by the end of that year.
“AEP Energy is focused on providing customers with energy supply that delivers long-term price stability and environmental benefits,” said Brian Whitlatch, senior VP at AEP Energy, a subsidiary of American Electric Power. “Agreements like the one with Zelestra demonstrate the innovative energy solutions we can put in place to help our customers.”
Headquartered in Arlington, Virginia, Zelestra is developing a robust portfolio of approximately 15 GW of renewable energy projects across key markets.
Catalyze closes 100 MW distributed solar tax equity financing with RBC
IPP and developer Catalyze has secured a tax equity investment from RBC Community Investments to support its 2026-2027 construction portfolio. The financing will support the development and construction of a 100 MW portfolio of solar projects across the United States.
“This closing represents an important milestone in advancing our 2026 and 2027 development pipeline,” said Jared Haines, CEO of Catalyze. “Partnering with RBC enables us to efficiently scale distributed solar assets across multiple markets while reinforcing our long-term ownership strategy and commitment to delivering value to property owners, businesses, and local communities.”
Bright spot: This transaction includes 18 solar projects across New York, Illinois, California and Virginia, consisting of a mix of community solar and commercial and industrial (rooftop) solar assets. Projects included in the portfolio are currently under development and under construction, with commercial operation dates (CODs) expected between 2026 and 2027.
This transaction expands Catalyze’s existing partnership with RBC, following an April 2025 tax equity investment to advance a 75 MW portfolio of projects, and reflects continued institutional demand for diversified, distributed solar portfolios backed by experienced developers and long-term asset owners. CRC-IB served as financial advisor to Catalyze.
CleanCapital acquires majority interest in BESS portfolio in New York
CleanCapital has acquired a majority interest in a 7.7 MW / 30.8 MWh portfolio through a joint venture with Osaka Gas USA. CleanCapital will be the managing member and maintain the joint venture relationship with Osaka Gas USA.
“This investment reflects CleanCapital’s continued commitment to scaling reliable, resilient clean energy infrastructure in the markets where it is most urgently needed,” said Julia Bell, chief investment officer at CleanCapital.
Bright spot: The acquired portfolio consists of a pair of operating standalone battery energy storage systems (BESS) located on Staten Island in New York City. The two projects — Arlington and Littlefield — achieved commercial operation in July and August 2023, respectively, and participate in New York’s Value of Distributed Energy Resources (VDER) program. Under the program, NYU Langone Hospitals serves as the sole net‑crediting offtaker for both facilities.
“Projects like these play an important role in strengthening grid reliability and resilience in New York City, while supporting the integration of clean energy and meeting growing demand,” said Shingo Morii, senior VP at Osaka Gas USA.
Aspen Power acquires 2 community solar projects in New York
Aspen Power has acquired the first two projects in an 18 MWdc portfolio in upstate New York from CTEC Solar. The initial projects will cumulatively generate nearly 10 million kWh of electricity in their first year.
“Acquiring these projects from CTEC Solar reflects the strength and resilience of New York’s community solar market,” said Dan Gulick, senior VP of community solar and asset acquisition at Aspen Power. “Even in a challenging policy environment, well-structured solar projects deliver meaningful economic and environmental value close to where the energy is produced, supporting local jobs and advancing the state’s clean energy objectives.”
Bright spot: The projects will participate in the state’s Value of Distributed Energy Resources (VDER) program, which compensates renewable energy projects for the benefits they provide to the electric grid while giving subscribers a discount on prevailing utility rates.
“Our team is focused on delivering high-quality, shovel-ready projects that create lasting value for our partners and the communities we serve,” said Mickey Toro, President, CTEC Solar.
Luminace, Renewable Properties partner on 9.3 MW portfolio in Illinois
Luminace has acquired a 9.3 MWdc portfolio of community solar projects from Renewable Properties. The sale is the second transaction Luminace and RP have done in Illinois together. In September 2024, Luminace acquired a 20.85 MWdc portfolio from RP that included four Illinois community solar projects in advanced stages of development.
Bright spot: The current acquisition includes the 5.16 MWdc County Line Solar project in the Village of Shorewood, Illinois, and the 4.06 MWdc Bemes Road Solar project in Will County. The two projects are set to start construction in the coming months. County Line Solar is expected to be operational by the fourth quarter of 2026, while Bemes Road Solar is expected to be completed by the second quarter of 2027.
Once interconnected, the portfolio will contribute more clean capacity to the Illinois Shines program, a key initiative supporting the state’s push toward clean energy through the Climate and Equitable Jobs Act (CEJA). Passed in 2021, CEJA aims to expand the state’s renewable energy portfolio to over 1.5 gigawatts of community solar capacity over the next decade and provide solar energy access to Illinois residents who may not be able to install solar panels on their own homes.
Terra Energy secures funding to expand residential solar in the U.S.
Fast-growing residential solar subscription provider Terra Energy has closed a series of fundings at $105 million. A $35 million Green Loan financing with Breakwall Capital LP marks the close, following equity investment from ARC PE and Azora Capital and credit facilities from Banesco and First Horizon Bank.
“The AI revolution unfolding right now has been tied to one thing: access to more energy. The old residential solar business model didn’t work. It was too complicated, too expensive, and pushed too much risk onto homeowners. Terra fixes that,” said Jaime Martinez, CEO and founder of Terra. “Our vertically integrated and customer-first approach delivers energy that saves customers significant money on day one, with no debt, no equipment burden, and no long-term lock-in.”
The series was comprised of financings from multiple banks and capital partners that have supported Terra’s rapid growth over the past 24 months and will further enable the company’s expansion from Florida into Texas and California as it continues to scale at a high pace.
Bright spot: Terra solves a problem that has long plagued residential solar: long-term financing, complex contracts, and customer risk. With a simple short-term subscription and no upfront costs, Terra delivers up to 50% electricity bill savings, with insurance and maintenance included.
“Their subscription model eliminates friction, aligns incentives, and directly addresses the affordability and reliability issues that have long held back the industry,” said Walt Hughes, managing director of Breakwall. “While the Terra model is purposefully set up to meet the evolving demands of the solar consumer, we believe Breakwall was uniquely positioned to structure a loan that best addresses their business needs and helps facilitate their long-term goals.”
