AIP Management invests $500M in Silicon Ranch | Solar Financing Spotlight
This edition of the Solar Financing Spotlight looks at AIP’s major investment in Silicon Ranch, while several other developers have closed on loans to support new projects. Let’s get right to it.
AIP Management has agreed to invest $500 million in Silicon Ranch, one of the largest independent power producers (IPP) in the United States and a community-focused energy infrastructure company. The transaction reflects AIP’s conviction in the long-term fundamentals of the U.S. clean energy sector and marks its second investment in a renewables platform following a previous transaction in Europe.
Founded in 2011 and headquartered in Nashville, Tennessee, Silicon Ranch is a fully integrated IPP with a strong track record of developing, constructing, owning, and operating utility-scale energy infrastructure projects across 15 U.S. states and Canada. The company is best known for its pioneering work in the Southeast as the first to deploy utility-scale solar in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky.
Silicon Ranch also has the largest wholly owned agrivoltaics portfolio in the United States under Regenerative Energy, its nationally recognized holistic approach to project design, construction, and land stewardship. This model incorporates regenerative ranching and other regenerative land stewardship practices to restore soil health, promote biodiversity, and improve water quality at its sites.
Silicon Ranch’s portfolio includes 3.6 GW of operating capacity and another 3.7 GW in construction or under contract across the US. Armed with a near- and mid-term development pipeline of more than 12 GW of quality assets, the company aims to reach more than 10 GW of operating capacity by the end of 2030. Its customer-driven approach and in-house engineering, procurement, and construction capabilities enable it to secure premium project locations, execute long-term power purchase agreements (PPAs), and deliver high-quality operational assets.
“This investment builds on our strategy of partnering with high-quality infrastructure platforms. Silicon Ranch is a leading IPP with profound local expertise, an embedded presence in the communities it serves, and a fully integrated approach to delivering clean power at scale,” said Kasper Hansen, CEO and managing partner of AIP. “Our investment supports its continued growth and reflects our confidence in businesses with strong fundamentals and the ability to drive the energy transition forward.”
EDF Renewables closes financing for Desert Quartzite solar + storage project
EDF Renewables North America is pleased to announce the close of financing for the Desert Quartzite Solar + Storage Project. The Project, jointly owned with Power Sustainable Energy Infrastructure Inc. (PSEI), began delivering electricity in December 2024.
KfW IPEX-Bank, together with MUFG Bank Ltd, Export Development Canada, Korea Development Bank, and 4 other participating banks, provided long-term debt financing for Desert Quartzite. This financing marks the first project leverage application in the United States for EDF Renewables in over a decade.
Desert Quartzite Solar + Storage, located in Riverside County, California has a total capacity of 375 MWdc solar combined with a 150 MWac/4-hour battery energy storage system (BESS).
Catalyze secures $85 million tax equity investment for DG portfolio
Catalyze has secured an $85 million tax equity investment from RBC Community Investments (RBC). The financing will support the construction and completion of approximately 75MW of commercial and industrial (C&I) and community solar projects across the United States in 2025.
This latest investment reinforces Catalyze’s ability to secure tax equity financing as it continues expanding its distributed generation portfolio, which now totals 300MW of projects in operations and construction. The transaction also builds upon Catalyze’s existing relationship with RBC, demonstrating a shared commitment to advancing renewable energy solutions at scale.
“RBC is a valued financing partner, and we are pleased to further expand our relationship with this latest investment,” said Jared Haines, CEO of Catalyze. “This financing enables us to further our mission to bring scalable distributed generation projects to businesses and communities nationwide.”
RBC’s investment supports Catalyze’s growing pipeline of distributed renewable energy projects, helping to drive the deployment of clean energy solutions that benefit property owners, businesses, and communities alike. Catalyze’s private equity sponsors, EnCap Investments and Actis, continue to support the company’s growth strategy as it scales its renewable energy offerings.
DSD secures master contract for California public agency solar program
DSD Renewables has secured a master contract with School Project for Utility Rate Reduction (SPURR) to be its chosen developer partner for the Renewable Energy Aggregated Procurement (REAP) Program. Under this partnership, DSD will offer solar and energy storage solutions to California public school districts, county offices of education, community college districts and other public agencies based on SPURR’s competitively sourced pricing and contract terms.
The REAP Program helps eligible entities streamline their adoption of solar and energy storage systems through a proven cooperative procurement model. To date, the program has facilitated the contracting of 275 megawatts (MW) of solar capacity and 80 megawatt-hours (MWh) of energy storage for more than 75 public agencies across hundreds of sites in California.
SPURR selected DSD following an extensive request for proposal process that evaluated vendors based on pricing, system design capabilities, operational expertise, and an established track record of successful installations.
Participants in the REAP Program receive detailed project feasibility studies and savings analyses at no cost. These assessments help public agencies understand their potential energy savings and environmental impact before committing to solar, ensuring informed decision-making about their renewable energy investments.
“Through our highly competitive RFP process, DSD emerged as the winning vendor for our REAP Program,” said Kevin Flanagan, REAP program manager at SPURR. “With its unique approach to project design and execution, and a history of successful projects, we’re confident DSD can help ensure this program continues to thrive and deliver valuable solar and storage solutions across California.”
Norton Rose Fulbright represents NYPA in inaugural solar project acquisition
Global law firm Norton Rose Fulbright represented New York Power Authority (NYPA) in its first renewable energy acquisition of a large-scale solar energy generation project from Clean Peak LLC, a subsidiary of CS Energy LLC. Located in Fort Edward, New York, the Somers Solar project is the first project to be acquired, owned and operated by NYPA under its recently expanded authority and new renewable energy strategic plan.
This 20 MW project sits on more than 150 acres in Washington County about 50 miles north of Albany, New York. It will be constructed and operated by NYPA’s subsidiary, New York Renewable Energy Development Holdings Corporation (NYRED).
The acquisition comes shortly after NYPA published its inaugural Renewables Strategic Plan in January, which outlined 37 renewable energy generation projects across the state intended to supply New Yorkers with affordable, reliable and emissions-free electricity. Somers Solar is the first project in the pipeline, which is expected to generate more than 3 GW of renewable energy.
As the largest state-run public power organization in the United States, NYPA operates 17 generating facilities and more than 1,550 circuit-miles of transmission lines. Approximately 80% of the electricity NYPA produces is renewable hydropower.
Dimension to sell $128M in tax credits from 122 MWdc community solar portfolio
Dimension Energy has closed on a $128 million tax credit transfer purchase agreement with a Fortune 500 Company for a portfolio of 30 community solar projects totaling 122 MWdc. Reunion Infrastructure (Reunion) introduced the Fortune 500 buyer to Dimension and facilitated the transaction between the parties.
The projects will provide enough local solar energy to power over 17,000 households across Delaware, Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia. Dimension previously announced that First Citizens Bank, ING, National Bank of Canada, Comerica, Cadence, Denham, and Siemens provided construction financing for the 30-project portfolio.
“Tax credit transferability is a critical component of accelerating the deployment of clean energy projects around the country,” said Billy Lee, cofounder and president at Reunion.
Community solar projects provide power to the nearly 50% of individuals who are unable to put solar on their homes or apartments. Dimension’s projects tap into existing infrastructure, generate power where it is needed, and provide low-cost clean electricity to surrounding communities. CRC-IB acted as the exclusive financial advisor to Dimension.
DC PACE Program, PACE Equity announce $1.1M financing for multi-family housing
The DC PACE Program and PACE Equity announced the closing of $1.1 million in financing to improve the sustainability and energy efficiency of a 20-unit building in Washington, D.C’s Ward 6.
This PACE financing will support the installation of solar panels, improved insulation, LED lighting, and water-efficient fixtures. These measures will result in estimated annual reduction in electricity usage of more than 71,000 kWh and cut emissions by the equivalent of more than 122,000 miles driven by car. These high-performance green building improvements are expected to save nearly $20,000 annually in electricity and water costs. The building will deliver 20 new homes and create 98 construction jobs.
“This financing is not only adding more housing to Capitol Hill, but also setting a benchmark for sustainability for future projects in this neighborhood,” said Ronald Hobson, DC PACE Program Director. “The DC PACE Program makes it easy for developers to build sustainability into their projects and reap the benefits of energy-efficient and solar-powered buildings.”
The project is expected to be completed by November 2025.
Apricus secures $30 million development financing
Apricus Generation has established a new revolving $30 million credit facility with Atlantic Union Bank (AUB). This financing agreement provides Apricus Generation with enhanced capital flexibility to accelerate project development and meet the growing demand for clean energy solutions across its markets.
The revolving credit facility will enable Apricus to efficiently fund development activities and strategic expansion initiatives while maintaining and leveraging the company’s strong balance sheet. This partnership with Atlantic Union Bank represents a significant milestone in Apricus Generation’s growth trajectory following its successful Series A funding round and demonstrates the financial community’s confidence in the company’s business model and development pipeline.
“Securing this unique revolving Development financing facility with Atlantic Union Bank marks another important step in our growth strategy,” said Gautam Chandra, executive chairman and co-founder of Apricus Generation. “This facility provides us with additional financial flexibility to advance our development pipeline more efficiently and support our expanding portfolio of solar and battery storage projects. As we continue building our national platform, access to this type of capital is essential for accelerating clean energy deployment across our target markets.”
The new revolving development financing facility comes at a time of significant momentum for Apricus Generation, which recently acquired a controlling interest in Nexus Renewables Inc., a Toronto-based developer of U.S. solar and energy storage projects. This financing will further support and accelerate the company’s business model in supporting developers, streamlining project finance and providing management expertise to build an industry leading platform.
Standard Solar acquires 9 MW of Illinois community solar
Standard Solar has acquired two community solar projects in Illinois from Cenergy Power.
The two community solar gardens in the City of Zion and Kankakee County, totaling more than 9 MW, will provide affordable, renewable energy to local residents and businesses while advancing Illinois’ ambitious clean energy goals, which include achieving 100% clean energy by 2050, with interim targets of 40% renewable energy by 2030 and 50% by 2040.
These acquisitions expand Standard Solar’s presence in the state, bringing its owned, operational, under-construction and contracted projects to more than 150 MW.
The 2.53 MW solar array in Zion features fixed-tilt technology and is expected to generate approximately 3,705 MWh of clean energy in its first year of operation. Another system, a 6.65 MW installation in Kankakee County, will produce approximately 10,507 MWh in its first year. Both projects are scheduled to be completed in early 2026.
“Illinois is an exciting and growing market for community solar, and we are pleased to expand our footprint in the state with the acquisition of these projects,” said Megan Byrn, VP of business development, Standard Solar. “Mid-sized distributed generation (DG) solar arrays like these are critical for balancing the grid, improving land management and strengthening U.S. energy dominance. These projects will not only provide local communities with lower energy costs but also put more clean power on the grid, helping to meet increasing electricity demand.”
Cenergy Power developed the projects, and Standard Solar will own and operate the arrays to ensure long-term energy cost savings for subscribers.
“The successful development of these community solar projects reflects our commitment to expanding renewable energy solutions in Illinois and to our local community partners in Illinois,” said Chad Chahbazi, senior VP of project development at Cenergy Power. “
MGE adds more solar + battery storage in High Noon Solar Energy Center purchase
Madison Gas and Electric (MGE), in partnership with We Energies and Wisconsin Public Service (WPS), subsidiaries of WEC Energy Group, received approval from the Public Service Commission of Wisconsin to purchase solar capacity and battery storage from the High Noon Solar Energy Center. MGE will own 30 MW of solar and 16.5 MW of battery storage from the facility located in Columbia County.
“The High Noon Solar Energy Center builds on the progress we’ve already made reducing carbon emissions, increasing our use of cost-effective renewable energy and advancing new technologies to benefit all our customers,” said Jeff Keebler, MGE chairman, president and CEO. “By growing our use of cost-effective carbon-free generation to decarbonize our grid and by working with customers to advance energy efficiency and electrification, we can achieve our sustainable energy goals.”
The project will include a 300 MW solar array and 165 MW battery energy storage system. MGE will own 30 MW of solar and 16.5 MW of battery storage. We Energies and WPS will own the remaining 270 MW of solar and 148.5 MW of battery storage. The High Noon Solar Energy Center is expected to start serving customers in 2027.
