February 2, 2026
In this edition of Projects weeklyWe’re looking at a large-scale solar project being built near Dayton, Ohio, plus a series of financing and acquisition deals. First, Zelestra has entered into a long-term power purchase agreement (PPA) with AEP Energy Partners for the 49.9 MW Gem City Solar project in Ohio. Catalyze has closed tax equity financing for a 100 MW distributed solar portfolio. CleanCapital has acquired a majority stake in a battery storage portfolio through a joint venture with Osaka Gas. Aspen Power has acquired two community solar projects in New York State. Luminace and Renewable Properties are collaborating on another solar portfolio in Illinois, totaling 9.3 MWdc. Last but not least, Terra Energy has completed a series of financing rounds to support its residential solar subscription offering in the United States. Now you know what to do: keep reading for more details.
Zelestra will build a 49.9 MW Gem City Solar project in Ohio
Zelestra has signed a new long-term PPA AEP Energy Partners for the total electricity produced at the proposed 49.9 MW Gem City Solar project in Dayton, Ohio.
“With the AEP Energy Partners PPA, we are pleased to begin construction on the Gem City solar project in the near future,” said Phil North, Zelestra’s U.S. CEO. “Zelestra is committed to delivering the project to the highest possible standards for AEP Energy Partners Inc.”
Bright spot: This project will be one of the largest solar generation installations within a city limit in the United States. Zelestra is now in the middle of its construction planning program for the project. Full work on the project is expected to begin in early 2027, with the project expected to be fully operational by the end of that year.
“AEP Energy is committed to providing customers with an energy supply that delivers price stability and long-term environmental benefits,” said Brian Whitlatch, senior VP at AEP Energy, a subsidiary of American Electric Power. “Agreements like the one with Zelestra demonstrate the innovative energy solutions we can implement to help our customers.”
Headquartered in Arlington, Virginia, Zelestra is developing a robust portfolio of approximately 15 GW of renewable energy projects in key markets.
Catalyze closes a 100 MW solar distributed equity financing with RBC
IPP and developer Catalyze has secured a fiscal equity investment RBC Community Investments to support its construction portfolio for the period 2026-2027. The financing will support the development and construction of a 100 MW portfolio of solar projects across the United States.
“This closing represents an important milestone in advancing our 2026 and 2027 development pipeline,” said Jared Haines, CEO of Catalyze. “By working with RBC, we can efficiently scale distributed solar assets across multiple markets, while strengthening our long-term ownership strategy and our commitment to delivering value to property owners, businesses and local communities.”
Bright spot: This transaction includes 18 solar projects in New York, Illinois, California and Virginia, consisting of a mix of community solar and commercial and industrial (rooftop) solar. The projects in the portfolio are currently in development and under construction, with an expected commercial operation date (COD) between 2026 and 2027.
This transaction expands Catalyze’s existing partnership with RBC, following a April 2025 tax equity investment to advance a 75 MW project portfolioand reflects continued institutional demand for diversified, distributed solar portfolios backed by experienced developers and long-term asset owners. CRC-IB served as financial advisor to Catalyze.
CleanCapital acquires majority stake in BESS portfolio in New York
Clean Capital has acquired a majority stake in a 7.7 MW / 30.8 MWh portfolio through a joint venture with Osaka Gas USA. CleanCapital will be the managing member and maintain the joint venture relationship with Osaka Gas USA.
“This investment reflects CleanCapital’s ongoing commitment to scaling reliable, resilient clean energy infrastructure in the markets where it is most urgently needed,” said Julia Bell, Chief Investment Officer at CleanCapital.
Bright spot: The acquired portfolio consists of a pair of operating stand-alone battery energy storage systems (BESS) on Staten Island in New York City. The two projects – Arlington and Littlefield – became commercially operational in July and August 2023, respectively, and are participating in New York’s Value of Distributed Energy Resources (VDER) program. Under the program, NYU Langone Hospitals serves as the sole net crediting customer for both facilities.
“Projects like these play an important role in strengthening the reliability and resiliency of New York City’s electric grid, while supporting clean energy integration and meeting growing demand,” said Shingo Morii, senior VP at Osaka Gas USA.
Aspen power has acquired the first two projects in an 18 MWdc portfolio in New York State CTEC solar energy. The initial projects will cumulatively generate almost 10 million kWh of electricity in the first year.
“The acquisition of these projects from CTEC Solar reflects the strength and resilience of the community solar market in New York,” said Dan Gulick, senior VP of community solar and asset acquisition at Aspen Power. “Even in a challenging policy environment, well-structured solar projects deliver meaningful economic and environmental value close to where the energy is produced, supporting local jobs and advancing the state’s clean energy goals.”
Bright spot: The projects will participate in the state’s Value of Distributed Energy Resources (VDER) program, which compensates renewable energy projects for the benefits they bring to the electric grid, while offering subscribers discounts on applicable energy rates.
“Our team is focused on delivering high-quality, turnkey projects that create lasting value for our partners and the communities we serve,” said Mickey Toro, president of CTEC Solar.
Luminace, Renewable Properties partner for a 9.3 MW portfolio in Illinois
Luminance has acquired a portfolio of 9.3 MWdc of community solar projects Renewable properties. The sale marks the second transaction Luminace and RP have completed together in Illinois. In September 2024, Luminace acquired a 20.85 MWdc portfolio from RP, including four community solar projects in Illinois that were in late stages of development.
Bright spot: The current acquisition includes the 5.16 MWdc County Line Solar project in the Village of Shorewood, Illinois, and the 4.06 MWdc Bemes Road Solar project in Will County. The two projects will begin construction in the coming months. County Line Solar is expected to be operational in the fourth quarter of 2026, while Bemes Road Solar is expected to be completed in the second quarter of 2027.
Once interconnected, the portfolio will contribute more clean capacity to the Illinois Shines program, a key initiative supporting the state’s clean energy commitment through the Climate and Equitable Jobs Act (CEJA). CEJA, passed in 2021, aims to expand the state’s renewable energy portfolio to more than 1.5 gigawatts of community solar capacity over the next decade and provide access to solar energy to Illinois residents who may not be able to install solar panels on their own homes.
Terra Energy secures financing to expand residential solar in the US
Fast-growing residential solar subscription provider Terra Energy has closed a series of financings for $105 million. A $35 million Green Loan financing with Breakwall Capital LP marks the close, following equity investments from ARC PE and Azora Capital and credit facilities from Banesco and First Horizon Bank.
“The AI revolution now unfolding is tied to one thing: access to more energy. The old business model for residential solar didn’t work. It was too complicated, too expensive, and put too much risk on homeowners. Terra solves that,” said Jaime Martinez, CEO and Founder of Terra. “Our vertically integrated and customer-centric approach delivers energy that allows customers to save significant money from day one, with no debt, no equipment burden and no long-term lock-in.”
The series included financings from multiple banks and capital partners that have supported Terra’s rapid growth over the past 24 months and will further enable the company’s expansion from Florida to Texas and California as it continues to scale at a rapid pace.
Bright spot: Terra solves a problem that has long plagued residential solar: long-term financing, complex contracts and customer risk. With a simple short-term subscription and no upfront costs, Terra saves up to 50% on your electricity bill, including insurance and maintenance.
“Their subscription model eliminates friction, aligns incentives and directly addresses the affordability and reliability issues that have long held back the industry,” said Breakwall CEO Walt Hughes. “While the Terra model was purposefully designed to meet the changing demands of solar consumers, we believe Breakwall is uniquely positioned to structure a loan that best meets their business needs and helps facilitate their long-term goals.”
Tags: commercial and industrial, Community Solar, Projects Weekly, Residential Solar, utility scale
