SunVest Solar Closes $154 Million of Debt and Tax Equity Financing for 56 MW Solar Portfolio
Chicago, December 13, 2022 – SunVest Solar LLC, a leading independent, vertically integrated solar business, is pleased to announce the closing of a $113 million debt facility and $41 million of tax equity. The facility will support the construction and operation of a 56 MW portfolio of 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.
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 comprised of a construction loan, tax equity bridge loan and permanent loan. The facility, along with tax equity, will enable SunVest to fully construct, operate and own the portfolio under a subsidiary.
SunVest is a rapidly growing leader in renewable energy, establishing itself as a vertically integrated distributed generation platform with expertise across the value chain, including development, construction, financing and operations. SunVest is advancing an industry-leading pipeline of nearly 2 gigawatts of development projects, with a growing portfolio of assets under management expected to reach 250 megawatts in 2023. SunVest is headquartered in Chicago, Illinois and metro Milwaukee, Wisconsin. For more information, visit www.sunvest.com.