SAN FRANCISCO--(BUSINESS WIRE)--Today, Generate Capital (“Generate”), a leading sustainable investment and operating company, and KeyState Renewables (“KeyState”) announced the close of their third joint fund, Generate NY Community Solar VI, LLC, bringing new sources of solar power to rural New York. The closed fund, which included a $64 million investment from KeyState, was used to build, develop and manage 11 projects in New York, creating 53.5 MWdc of new solar power capacity and improving grid reliability. Three of the eleven projects are in areas where development of renewable energy is incentivized to address higher-than-average unemployment and historic economic reliance on extraction or production of fossil fuels.
The projects, financed through KeyState’s SOLCAP solar tax credit fund platform, are expected to produce a combined 76.48 million kWh of solar energy in their first year, sufficient to power up to 10,544 homes and reduce greenhouse emissions by 53,429 metric tons of carbon dioxide.
Earlier this year, Generate and KeyState signed a fourth fund to continue their leading community solar investment partnership and bring additional renewable energy assets online.
“Accelerating the sustainable infrastructure transition requires investors to find creative ways to finance and deliver clean energy projects. We are thrilled to continue our work with KeyState on our tax equity partnership for community solar and provide the latest proof of the growing demand for renewable energy investment,” said Peggy Flannery, Managing Director at Generate Capital. “This ongoing partnership has allowed us to continue to scale our community solar assets and better serve our developer, customer, and community stakeholders in New York.”
“KeyState is excited to once again collaborate with Generate and our many regional bank partners to deliver essential renewable energy to New York,” said KeyState CEO Josh Miller. “We look forward to continuing our partnership with Generate and benefiting local communities where these eleven projects are operating.”
To date, KeyState has invested a total of nearly $150 million across three funds co-managed with Generate. The investment marks Generate’s sixth fund with New York community solar projects and builds on Generate’s successful infrastructure-as-a-service model, which delivers comprehensive financing, construction, and management of clean energy infrastructure. Generate’s infrastructure-as-a-service model is funded through a variety of innovative financing models including new and longstanding tax equity provisions.
About Generate Capital
Generate Capital is a leading sustainable investment and operating platform driving the infrastructure transition. Generate aims to provide the capital and help that developers, businesses, cities and communities need to accelerate cost savings, resilience and decarbonization. Since 2014, Generate has invested in and operated sustainable assets across six sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With more than $10 billion raised since inception, 50+ technology and development partnerships and more than 2,000 assets globally, Generate’s one-stop-shop offers proof, not promises that sustainability pays. For more information, please visit www.generatecapital.com.
About KeyState
Founded in 1991, The KeyState Companies specialize in providing community banks with independent and innovative investment and insurance structures that meaningfully enhance annual earnings. KeyState manages the only bank captive program in the country, is the country’s largest provider of investment subsidiary management to community banks, and manages a solar tax credit fund platform (SOLCAP). Through the end of 2024, SOLCAP is on track to raise and deploy over $450,000,000 in solar tax equity financing 100+ solar projects in 11 states. The KeyState Companies are headquartered in Las Vegas, Nevada, with offices in Wilmington, Delaware, Burlington, Vermont, and Denver, Colorado. Please visit www.key-state.com.
