In 2025, the U.S. solar industry continues to attract significant capital, driven by record installation volumes and the growing energy demands of data centers and AI, even as it navigates a shifting policy environment.
Recently, three separate financing deals combined for $490 million, injecting capital in community and distributed generation-scale solar.
CleanCapital
CleanCapital, an independent power producer, announced the completion of a $185 million private placement debt issuance. The facility comprises 156 projects totaling over 180 MW.
Milbank LLP acted as legal counsel to CleanCapital on the transaction.
Over the last ten years, CleanCapital has acquired, built and managed clean energy asset representing over $1.5 billion in total enterprise value.
The private placement demonstrates strong investor confidence in the market which “has been historically less accessible to distributed generation sponsors,” said CleanCapital.
Soltage
Soltage, an independent power producer developing, financing and operating distributed solar and energy storage assets, announced the closing of an $80 million syndicated development revolver facility.
The facility is led by First Citizens Bank as sole bookrunner, administrative agent and coordinating lead arranger and EastWest Bank as coordinating lead arranger. The multi-year revolver is expected to finance development-stage expenditures including interconnection deposits and equipment procurement. The deal marks Soltage’s first major pre-notice-to-proceed (pre-NTP) financing vehicle.
Soltage has developed more than 125 clean energy projects totaling over 500 MW of distributed generation capacity.
Pivot Energy
Independent power producer Pivot Energy announced three deals totaling $225 million supporting distributed generation solar projects.
- The financing includes $170 million upsize to an existing construction warehouse facility with Atlas SP and First Citizens Bank supporting a new portfolio of approximately 60 community solar projects, equivalent to 225 MW in Illinois, Colorado, Maryland, Virginia, New York, Pennsylvania, Delaware, Michigan, and California.
- $40 million equipment facility with First Citizens, supporting purchases of domestically made solar panels from Silfab Solar Inc.
- $15 million corporate financing facility with Comerica Bank.
Pivot Energy’s total financing in 2025 now stands at $435 million. The company is backed by Energy Capital Partners, which holds equity funds exceeding $19 billion.
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