Generate Capital and KeyState Renewables have closed their third joint fund, Generate NY Community Solar VI, which was used to build, develop and manage 11 projects in New York with a total of 53.5 MW of capacity.
The deal included a $64 million investment from KeyState.
Three of the projects are in areas where development of renewable energy is incentivized to address higher-than-average unemployment and historic economic reliance on the 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.
Earlier this year, the companies signed a fourth fund.
“Accelerating the sustainable infrastructure transition requires investors to find creative ways to finance and deliver clean energy projects,” says Peggy Flannery, managing director at Generate Capital.
“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. 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 has invested nearly $150 million across three funds co-managed with Generate. The investment marks Generate’s sixth fund with New York community solar projects.
