#USA #San Francisco #Community Solar #Generate Capital #KeyState

Generate Capital Closes $85 Million Community Solar Tax Equity Fund

Generate Capital, a key player in the infrastructure investment sector, has successfully wrapped up an impressive $85 million tax equity commitment in collaboration with KeyState, a significant contributor through its tax equity investment platform, SOLCAP. This commitment is directed at supporting eight community solar projects located across the states of New York and Illinois, amassing a total capacity of 38 MWdc. The projects are set to commence commercial operations between the fourth quarter of 2025 and the first quarter of 2026.

This marks a significant milestone for Generate as it represents their tenth community solar tax equity fund and the fifth collaboration with KeyState since 2021. The reliability and activity of Generate as a leader in the clean energy financing sector is underscored by this partnership. In 2025 alone, Generate has successfully raised over $807 million in project debt and more than $608 million in tax equity, leading to a total of around $1.4 billion.

Peggy Flannery, Managing Director of Investments at Generate Capital, emphasized the effectiveness of community solar in broadening access to clean energy while providing meaningful benefits to local communities. Flannery noted, “Since 2017, we have been committed to supporting the development of community solar, partnering with organizations like KeyState to deliver reliable and economical clean power to households and communities throughout the nation.”

Adding further insight, Josh Miller, CEO of KeyState, praised Generate's caliber in sustainable infrastructure investing. He stated, “Generate sets the standard in sustainable infrastructure investing, and our partnership has directed meaningful capital into projects that drive both returns and real-world impact. We value our partnership and look forward to continuing to grow together.”

Since its entry into the community solar arena in 2017, Generate has established one of the industry's premier community solar platforms, operating over 430 MW of solar power spread across various states. By nurturing long-lasting connections with esteemed sponsors, developers, and institutional investors, Generate has been able to propel the sector forward, making clean energy accessible while fostering grid reliability and stimulating economic growth within communities.

Legal counsel for this vital transaction included Orrick for sponsor counsel and Kutak Rock for investor counsel.

About Generate Capital

Generate Capital stands as a unique investment platform specializing in the development, ownership, and management of vital infrastructure. The firm is committed to delivering affordable and resilient solutions that cater to essential resource needs for customers and communities while addressing the increasing demand for power across the nation. Since its inception in 2014, Generate has ventured into key sectors, including power, mobility, waste management, green technologies, water, agriculture, and industrial decarbonization, raising more than $14 billion to date. The portfolio showcases over 2,000 assets and partnerships with more than 50 leading technology providers and developers.

About KeyState and SOLCAP

KeyState aids community banks in discovering earnings from unexpected channels. Since its establishment in 1991, KeyState has collaborated with over 150 banks, presenting innovative investment strategies designed to enhance profitability. Through the SOLCAP platform, which specializes in renewable energy tax equity and ITC transfer investment strategies, KeyState capitalizes on investments from community and regional banks to finance renewable energy initiatives in collaboration with esteemed developers. Launched in 2019, SOLCAP has successfully deployed or committed over $1 billion for the development of more than 200 renewable energy projects in various communities across over a dozen states.