SunVest Solar Closes $154 Million of Debt and Tax Equity Financing for 56 MW Solar Portfolio
CHICAGO, Dec. 13, 2022 /PRNewswire/ — SunVest Solar LLC, a leading independent, vertically integrated solar business, is pleased to announce the closing of a $113 million debt facility led by Silicon Valley Bank, the bank of the world’s most innovative companies, and $41 million of tax equity from Rockwood Group, through its partnership with Fortune 250 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 underway 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, a financial services provider with unique expertise in community solar financing, 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.
Bret Turner, Head of Project Finance, Business Development and Innovation for Silicon Valley Bank, said, “We are delighted to work with SunVest to provide financing for this portfolio. 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.”
Matt Neumann, CEO of SunVest, said, “Silicon Valley Bank has been an outstanding partner for SunVest as we have worked together to advance this diverse, national portfolio. 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.”
SunVest is a rapidly growing leader in renewable energy, establishing itself as a vertically integrated distributed generation platform with expertise across the value chain, including development, construction, financing and operations. SunVest is advancing an industry-leading pipeline of nearly 2 gigawatts of development projects, with a growing portfolio of assets under management expected to reach 250 megawatts in 2023. SunVest is headquartered in Chicago, Illinois and metro Milwaukee, Wisconsin. For more information, visit www.sunvest.com.
Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank’s project finance group works with project owners, sponsors and investors to finance large residential, commercial and industrial, and utility-scale projects. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at www.svb.com/industry-solutions/cleantech-and-sustainability.
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SOURCE SunVest Solar LLC
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