Generate capital And KeyState renewable energy sources have closed their third joint fund, Generate NY Community Solar VI, which was used to build, develop and operate 11 projects in New York with a total capacity of 53.5 MW.
The deal included a $64 million investment from KeyState.
Three of the projects are in areas where renewable energy development is being promoted to address above-average unemployment and historic economic dependence on fossil fuel extraction or production.
The projects, funded through KeyState’s SOLCAP solar tax credit platform, are expected to produce a combined 76.48 million kWh of solar energy in the first year.
Earlier this year, the companies signed a fourth fund.
“Accelerating the transition to sustainable infrastructure requires investors to find creative ways to finance and deliver clean energy projects,” said Peggy Flannery, managing director at Generate Capital.
“We are excited to continue our work with KeyState on our community solar tax equity partnership and provide the latest evidence of the growing demand for renewable energy investments. This ongoing partnership has enabled us to further scale our community solar assets and better serve our developers, customers and community stakeholders in New York.”
KeyState has invested nearly $150 million in three funds co-managed with Generate. The investment marks Generate’s sixth fund of community solar projects in New York.
