Solar investment tax credit financing completed by Advantage Capital Solar Partners III, LLC will be used to support future community solar projects in New York. The funding will go toward new installations developed by Generate Capital, an infrastructure platform specializing in renewable energy and sustainable resources. After development, the new projects are expected to generate up to 11 megawatts of electricity.
Head of renewable energy investments and managing director at Advantage Capital, Carl Weatherley-White, spoke about the partnership between Advantage and Generate Capital. He stated that supporting the platform’s growth would positively affect Advantage Capital, which would open up more opportunities for clean energy investments.
Generate Capital Principal, Peggy Flannery, was enthusiastic about the financing as it would provide New York locals with access to affordable solar options. The future community solar projects developed by Generate Capital will provide perks to customers that subscribe to the installation. They will be able to take advantage of solar energy without having to purchase and install expensive and unsightly rooftop panels. Customers will also be eligible for credits on their monthly utility bills based on the amount of energy they subscribe to.
Advantage Capital was established in 1992 and has provided more than $3 billion in investments across 775 companies since its start. Through Advantage Capital Solar Partners, the firm has had a successful three years of generating capital for solar entrepreneurs. For potential solar investments, Advantage Capital offers flexible financing to solar facilities that qualify for the Investment Tax Credit (ITC). Even after the project has been financed, Advantage provides asset management to ensure the success of the installation.
Generate Capital has an expansive portfolio of sustainable projects, including microgrids, lighting, fuel cells, geothermal installations, solar farms, and smart meters. It also operates electric vehicles, autonomous vehicles, and has its own charging infrastructure. Among its accomplishments in 2020, Generate Capital raised $1 billion to invest in clean-energy projects throughout the United States.