SunVest Solar LLC, an independent, vertically integrated solar business, has closed a $113 million debt facility led by Silicon Valley Bank and $41 million of tax equity from Rockwood Group, through its partnership with Guardian Life Insurance Company of America.
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 under way 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 led by Silicon Valley Bank, and is comprised of a construction loan, tax equity bridge loan and permanent loan. The facility, along with tax equity from Rockwood Group, through its partnership with Fortune 250 Guardian Life Insurance Company of America, will enable SunVest to fully construct, operate and own the portfolio under a subsidiary.
“We are delighted to work with SunVest to provide financing for this portfolio,” says Bret Turner, Head of project finance, business development and innovation for Silicon Valley Bank. “We are committed to supporting high-quality projects in the rapidly growing community solar space, which makes solar more accessible for all Americans and is crucial in efforts to combat climate change. The community solar subscriptions and PPA opportunities in SunVest’s portfolio offer customers an easy way to participate in the benefits of solar energy.”
“Silicon Valley Bank has been an outstanding partner for SunVest as we have worked together to advance this diverse, national portfolio,” adds Matt Neumann, CEO of SunVest. “We look forward to our continued partnership with Silicon Valley Bank as SunVest continues to rapidly grow our portfolio of owned and operated solar projects nationwide.”