In the latest edition of the Solar Financing Spotlight, we look at White Pine Renewables closing of a loan to fund two solar projects in California. Plus, BlueWave secures $118 million for a project portfolio in Maine, and Encore Renewables gets $389 million to advance portfolio of solar and energy projects.
White Pine Renewables closed on a loan with Beneficial State Bank and Energetic Capital to finance two operating solar projects in California.
The projects, serving local power needs of the Feather Water District in Sutter County and the Kettleman City Community Services District in Kings County, provide long-term energy savings to the districts at no upfront cost.
“This transaction helps White Pine fulfill its mission of delivering value for our customers via reduced energy bills and long-term price certainty,” said Michael Kremer, White Pine’s cofounder and managing partner. “Additionally, we’re pleased to announce a new relationship between White Pine and Beneficial State Bank and Energetic, all of whom bring deep industry expertise and local experience in California.”
The two projects also demonstrate White Pine’s commitment to deploying cutting-edge technology to help its customers achieve their energy goals. On the Feather Water project, White Pine deployed an elevated carport solution to maximize energy generation while enabling the district to retain full access to its irrigation ponds. On the Kettleman project, White Pine incorporated a high-density racking system from Planted Solar to maximize energy generation on a small site footprint.
“These projects would not have worked without innovative technological solutions,” said Evan Riley, White Pine’s cofounder and managing partner.
BlueWave secures $118.2 million to support Maine solar portfolio
BlueWave has secured a new major financing round supporting its community solar portfolio in Maine. The $118.2 million in financing includes a debt raise of $48.2 million with City National Bank and a tax equity raise of $70 million with First American Commercial Bancorp, Inc., which support equipment and infrastructure utilized across four community solar project sites.
“As a certified B Corp, our work is rooted in a commitment to using our business as a force for good,” said BlueWave CEO and cofounder Trevor Hardy. “This new portfolio of projects in Maine is helping us accomplish our goal, bringing renewable energy and utility savings to the communities we work within and serve every day. The support from our new financial partners and ongoing support from our parent company, Axium Infrastructure, also enables us to help advance the state’s clean energy goals.”
This BlueWave portfolio consists of four solar sites that are qualified for Maine’s Net Energy Billing program, which enables community solar projects to provide utility bill savings to Maine residents and businesses that opt in. In addition to bill savings, the program supports the production of clean energy that is helping to decarbonize the grid.
BlueWave has developed 46.4 MWDC in Maine, and these projects add 22.7 MWDC that feed directly into the grid as part of the Net Energy Billing system. The projects deliver solar energy bill credit savings to 43 Maine small businesses which are participating in the program. Based on the average annual consumption of Maine’s residential customers, the arrays produce enough energy to support an estimated 4,685 households. Construction of the projects was completed in 2024.
The completion of this solar portfolio comes on the heels of a successful funding round that allowed five new projects to be constructed and begin operation across the state of Massachusetts. They are part of the Solar Massachusetts Renewable Target (SMART) Program and deliver solar energy bill credit savings to low-income households. BlueWave was advised by Novogradac, KPMG and Foley Hoag, LLP.
Encore secures $389 million to advance solar and energy storage portfolio
Encore Renewable Energy closed on a $389 million financing solution from Brookfield, through its infrastructure debt platform. This transaction will accelerate Encore’s growth as an independent power producer (IPP) by financing the construction of a portfolio of community-scale solar and battery energy storage projects while supporting the further expansion and advancement of the company’s development pipeline.
This deal employs a pioneering approach that meets the complete capital requirements for constructing and expanding a distributed generation portfolio through combined non-dilutive debt and tax equity facilities. The financing structure integrates construction-to-term debt and a tax equity bridge within a single debt facility, complemented by a preferred equity facility dedicated to tax equity financing.
“This is a transformational moment for Encore as we enter the next phase of our strategic transition into an IPP,” said Blake Sturcke, co-CEO of Encore Renewable Energy. “With this funding, we are now poised to meet the rapidly growing energy demand across numerous U.S. markets with clean, reliable, and cost-efficient power generation and storage solutions.”
Vinson & Elkins LLP served as legal counsel to Encore Renewable Energy and Norton Rose Fulbright LLP served as legal counsel for Brookfield Asset Management.
Standard Solar acquires Churchill Street Solar Farm in Massachusetts
Standard Solar acquired the Churchill Street Solar Farm from Sunfarm Solar, growing its asset portfolio in Massachusetts. The 3.2 MW project, located in Pittsfield, is one of the largest ground-mounted solar systems in the Northeast, comprising five separate arrays.
“The Churchill Street Solar Farm project exemplifies Standard Solar’s strong appetite and expertise for acquiring high-quality operating assets that drive clean energy adoption,” said Megan Byrn, VP of business development, Standard Solar. “Massachusetts remains a growing market for us, and this acquisition highlights our focus on expanding our portfolio of operating projects while delivering meaningful benefits to the communities we serve.”
Massachusetts has long been a leader in renewable energy, with progressive policies driving the development of solar projects across the state. Standard Solar is proud to be a part of this success, with 11 solar and solar + storage projects already operating in Massachusetts, contributing to the state’s ambitious clean energy goals.
DESRI, Ranger Power close financing and start construction on 250 MWac in Missouri
DESRI, in partnership with Ranger Power, announced that the Show Me State Solar Project achieved financial close with its project lenders and initiated construction. Show Me State Solar is a 250 MWac solar facility in Callaway County, Missouri.
“Starting construction at Show Me State Solar is an exciting milestone for DESRI as well as our partners at Ranger Power,” said Thomas de Swardt, chief commercial officer of DESRI. “This is DESRI’s third project in Missouri to start construction, and we appreciate all of the Project’s stakeholders and supporters as we continue to expand our portfolio.”
Show Me State Solar has a power purchase agreement with an affiliate of Meta and is expected to employ upwards of 300 individuals during peak construction. The project is expected to begin commercial operations in 2026.
Financing for the construction of the Project was provided by a consortium of lenders including Canadian Imperial Bank of Commerce (CIBC) as left lead arranger, plus Nord/LB, Royal Bank of Canada, and Bank of America.
GridStor acquires Texas BESS project from Balanced Rock Power
GridStor has acquired a 150 MW / 300 MWh battery storage project in Texas from Balanced Rock Power (BRP).
GridStor’s acquisition and plan to expand its operations into the Lower Rio Grande Valley region in Texas comes during a critical time. Driven by rapid growth in power demand in the state from large industrial customers, the Electric Reliability Council of Texas (ERCOT) now forecasts an approximately 50% increase in the state’s peak load by 2030. Over 8 GW of battery energy storage has been deployed on the ERCOT power system to date.
“Battery storage is the fastest, scalable solution to provide reliability in the near-term to the Texas power system and its largest industries,” said Chris Taylor, CEO of GridStor. “Batteries provide energy that stabilizes the ERCOT electric grid and supplies its hours of greatest demand every day.”
GridStor’s project will be built in Hidalgo County, Texas, and is expected to come online by the summer of 2026. At its height of construction, the project is expected to sustain over 100 jobs including skilled tradespersons and apprentices. Once operating, the project will increase the resilience of the Lower Rio Grande Valley region of the ERCOT power system, helping mitigate stress on transmission infrastructure while supplying power daily to
The successful close of the project marks GridStor’s fourth project acquisition in the past 12 months and its second transaction with BRP. GridStor’s Hidden Lakes project, its initial acquisition from BRP, is under active construction and expected to come online this summer.
Convergent closes $584.5 million loan from U.S. DOE
Convergent Energy and Power secured a $584.5 million guaranteed loan facility from the U.S. Department of Energy Loan Programs Office (LPO) to build a solar photovoltaic (PV) system with an integrated battery storage system and three stand-alone battery storage systems across Puerto Rico.
Convergent’s solar PV and battery storage systems will play a vital role in improving Puerto Rico’s energy resilience and affordability while helping Puerto Rico meet its ambitious clean energy and climate goals.
“Convergent has a long history of supporting an energy landscape that is less expensive, more reliable, and increasingly sustainable,” said Convergent’s CFO and cofounder Frank Genova. “As a leading developer of energy storage and solar PV systems, we have the expertise, and the capital, to bring Puerto Rico’s electric grid into the future.”
Convergent’s solar + storage installation in the municipality of Coamo will be a 100 MW solar PV system paired with a 55 MW / 55 MWh battery storage system. Three utility scale stand-alone battery storage systems are planned for the municipalities of Caguas, Peñuelas, and Ponce. These systems would generate power directly to Puerto Rico’s grid and provide energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050.
Convergent is working with the Puerto Rico Department of Economic Development and Commerce to establish an integrated apprenticeship and hiring plan that will align with the municipal, commonwealth, and federal goals to prioritize workforce diversity and minority and women-owned business enterprises as subcontractors where commercially feasible. The systems are expected to create approximately 540 construction jobs. The closing of this DOE guaranteed loan facility follows receipt of a conditional commitment on Dec. 18, 2024.
Tags: Financing
