Generate Capital and KeyState Renewables have closed their third joint fund, Generate NY Group Photo voltaic VI, which was used to construct, develop and handle 11 initiatives in New York with a complete of 53.5 MW of capability.
The deal included a $64 million funding from KeyState.
Three of the initiatives are in areas the place growth of renewable power is incentivized to deal with higher-than-average unemployment and historic financial reliance on the extraction or manufacturing of fossil fuels.
The initiatives, financed by means of KeyState’s SOLCAP photo voltaic tax credit score fund platform, are anticipated to supply a mixed 76.48 million kWh of photo voltaic power of their first 12 months.
Earlier this 12 months, the businesses signed a fourth fund.
“Accelerating the sustainable infrastructure transition requires buyers to search out inventive methods to finance and ship clear power initiatives,” says Peggy Flannery, managing director at Generate Capital.
“We’re thrilled to proceed our work with KeyState on our tax fairness partnership for group photo voltaic and supply the newest proof of the rising demand for renewable power funding. This ongoing partnership has allowed us to proceed to scale our group photo voltaic property and higher serve our developer, buyer and group stakeholders in New York.”
KeyState has invested practically $150 million throughout three funds co-managed with Generate. The funding marks Generate’s sixth fund with New York group photo voltaic initiatives.
