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Generate Capital and KeyState expand partnership with $154.5 million community solar tax equity fund. Oct 08, 2026, 07:00 ET Sixth tax equity fund between Generate and KeyState supports 10 community solar projects totaling 43 MWac across New York and Illinois SAN FRANCISCO, Oct. 8, 2026 /PRNewswire/ - Generate Capital ("Generate"), a leading investor, owner and operator of critical infrastructure, today announced the closing of a $154.5 million tax equity commitment with SOLCAP, KeyState's tax equity investment platform, supporting a portfolio of 10 community solar projects across New York and Illinois totaling 43 MWac. The transaction marks Generate's sixth tax equity fund with KeyState, extending a relationship that began in 2021 and demonstrating continued institutional demand for investment in distributed clean energy infrastructure. The new commitment follows the $85 million Fund X announced by Generate and KeyState in October 2025, which is now nearing final funding. The latest transaction builds on Generate's continued capital raising momentum, with $1.6 billion in financing commitments secured to date in 2026 to support the continued deployment of critical infrastructure. "Long-term capital partnerships are essential to our ability to scale critical infrastructure and meet growing demand for power," said Peggy Flannery, Managing Director, Head of Distributed Generation at Generate Capital. "Our sixth fund with KeyState reflects both the strength of our longstanding partnership and continued interest from institutional capital providers in investing alongside Generate. Together, we're putting capital to work in projects that expand access to reliable, cost-effective clean power for communities across the country." "Generate has been a trusted partner to KeyState and the SOLCAP platform for more than five years, and this sixth fund reflects the strength and consistency of that relationship," said Allan Riska, Chief Investment Officer at KeyState. "Together, we've been able to bring institutional capital to high-quality community solar projects at meaningful scale. We're pleased to deepen our partnership with Generate and continue investing in projects that deliver both compelling investment opportunities and tangible benefits for communities and ratepayers." Since entering the community solar market in 2017, Generate has built one of the leading community solar platforms in the industry. Its long-standing relationships with capital providers, developers and other partners have enabled Generate to deploy capital at scale while expanding access to distributed clean energy. Willis Towers Watson served as the ITC insurance broker for the transaction. Holland & Knight represented Generate as legal counsel. About Generate Capital Generate Capital is an investor and operator providing reliable and affordable energy and infrastructure solutions to customers and communities. Founded in 2014, Generate develops, finances, builds, owns and operates critical infrastructure that helps customers access reliable power and essential services in an increasingly constrained world. With expertise across technologies and infrastructure sectors, Generate combines flexible capital with hands-on operating capabilities to deliver solutions tailored to customer needs. Since inception, Generate has raised more than $10 billion in capital and built a proven track record across critical infrastructure assets. About KeyState and SOLCAP KeyState helps community banks unlock earnings from unexpected places. Since 1991, KeyState has partnered with 150+ banks, delivering innovative investment structures that boost profitability. Through SOLCAP, its renewable energy tax equity and ITC transfer investment platform, KeyState syndicates investments from community and regional banks to finance renewable energy projects with leading developers. Launched in 2019, SOLCAP has deployed or committed over $1 billion in capital to develop 200+ renewable energy projects in communities across more than a dozen states. SOURCE Generate Capital

Generate Capital closes $117 million in community solar financing from MUFG. The term debt facility, which marks Generate's first community solar financing with the global financial group, will finance 18 community solar projects in Illinois and New York totaling 114 MWdc. Sep 15 2026 San Francisco-based Generate Capital and Mitsubishi UFJ Financial Group (MUFG) have closed a $117 million term debt facility to finance a portfolio of community solar projects across Illinois and New York. The financing will support Generate's Community Solar Fund 11, which includes 18 projects totaling 114 MWdc across the two leading community solar states. "The closing of this facility with MUFG further expands our financing partner network and provides additional capital to support the continued growth of our community solar platform," said Generate chief capital formation officer Ed Bossange in a statement. "Combined with the significant financing activity we completed during the first half of the year, this transaction reflects the strength of our platform and our ability to attract capital from leading institutions across a diverse range of infrastructure solutions." While New York remains one of the nation's most active community solar markets, annual solar capacity installations in the state declined 70% year-over-year during the first half of 2026, according to the latest Solar Market Insight Report from SEIA, largely due to poor site availability, high upgrade and interconnection costs, and weakening incentive levels. On a nationwide basis, the decline in the New York community solar market has been partially offset by markets in Illinois, New Jersey, Virginia and Delaware, where installed capacity will grow substantially through the end of the year. However, SEIA expects community solar installation volumes to decline annually beginning in 2028, in the absence of new and extended programs. Generate's first half momentum The $117 million MUFG transaction, which marks Generate's first community solar financing with the bank, is part of a broader capital formation strategy in 2026. According to the release announcing the deal, Generate closed approximately $1.4 billion in financing commitments during the first half of the year. This capital targets a diversified portfolio of infrastructure investments spanning community solar, battery energy storage systems, and energy efficiency. Earlier this year, Generate closed on a 104 MW community solar portfolio alongside Monarch Private Capital. That deal supports more than 15 community solar projects that are expected to deliver roughly $200 million in investment tax credits. The company also closed a $61 million senior secured U.S. private placement to finance energy efficiency projects for an industrial customer. The 15-year construction-to-term financing represents Generate's first 4(a)2 U.S. private placement. This content is protected by copyright and may not be reused. If you want to cooperate with PV Magazine Group and would like to reuse some of its content, please contact: [email protected]. More about

Generate Capital closes $117 million Community Solar financing with MUFG. Sep 15, 2026, 07:00 ET New term debt facility marks Generate's first community solar financing with MUFG and builds on $1.4 billion of financing commitments in the first half of 2026 SAN FRANCISCO, Sept. 15, 2026 /PRNewswire/ - Generate Capital ("Generate"), a leading investor, owner and operator of critical infrastructure, today announced the closing of a $117 million term debt facility with MUFG to finance a portfolio of community solar projects. The transaction marks Generate's first community solar financing with MUFG and further expands the company's network of leading institutional financing partners. The facility supports Generate's Community Solar Fund 11, comprising 18 projects / 114MWdc across Illinois and New York. The financing will support Generate's continued investment in community solar infrastructure that expands access to reliable and affordable power for communities and businesses. "The closing of this facility with MUFG further expands our financing partner network and provides additional capital to support the continued growth of our community solar platform," said Ed Bossange, Chief Capital Formation Officer at Generate Capital. "Combined with the significant financing activity we completed during the first half of the year, this transaction reflects the strength of our platform and our ability to attract capital from leading institutions across a diverse range of infrastructure solutions." "We are pleased to partner with Generate on this financing and support the continued growth of its community solar platform," said Fred Zelaya, Managing Director at MUFG. "Generate has built a strong track record of developing and operating high-quality distributed energy assets, and this transaction reflects our shared commitment to financing critical infrastructure that delivers reliable, affordable power to communities across the country." The transaction builds on significant capital formation momentum for Generate in 2026. During the first half of the year, the company closed approximately $1.4 billion of financing commitments across a diversified portfolio of infrastructure investments spanning community solar, battery energy storage systems and energy efficiency. First-half highlights included: * The closing of a 104 MW community solar portfolio alongside Monarch Private Capital, supporting more than 15 community solar projects expected to deliver approximately $200 million in investment tax credits. * A $61 million senior secured U.S. Private Placement to finance energy efficiency projects for a leading investment-grade industrial customer. The 15-year construction-to-term financing represents Generate's inaugural 4(a)2 U.S. Private Placement, further diversifying the firm's funding sources and financing partner base. Generate's recent financing activity reflects continued institutional demand for high-quality infrastructure assets with long-term contracted cash flows, as well as the company's ability to structure financing solutions across multiple infrastructure sectors. About Generate Capital Generate Capital is an investor and operator providing reliable and affordable energy solutions to customers for over a decade. Founded in 2014, Generate focuses on accelerating the energy transition by helping large energy users access power and connection faster in a grid constrained world. The firm supports data centers and other power-intensive facilities with multi-technology scalable energy infrastructure solutions, combining deep investment expertise with hands-on operating capabilities. Since inception, Generate has raised more than $16 bn in capital and built a proven track record across critical infrastructure assets. About MUFG and MUFG Americas Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups with over 360 years of history. Headquartered in Tokyo, MUFG has a global network with approximately 2,000 locations in more than 40 countries. MUFG's Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. For locations, banking capabilities and services, career opportunities, and more, visit https://www.mufgamericas.com/. SOURCE Generate Capital