Generate Capital and KeyState Renewables have announced the close of their third joint tax equity facility, Generate NY Community Solar VI, LLC, marking another milestone in their partnership. This facility, backed by a $64 million investment from KeyState, supports the development, construction, and management of 11 community solar projects in rural New York, providing 53.5 MWdc of new solar capacity.
The projects, financed through KeyState’s SOLCAP solar tax credit platform, are projected to generate 76.48 million kWh of solar energy in their first year—enough to power 10,544 homes and reduce carbon emissions by 53,429 metric tons. Three of the projects are located in areas with incentives for renewable energy development due to higher unemployment and a history of economic reliance on fossil fuels.
“Accelerating the sustainable infrastructure transition requires innovative financing solutions, and we’re excited to continue working with KeyState on this impactful tax equity partnership,” said Peggy Flannery, Managing Director at Generate Capital.
Earlier this year, the two companies signed a fourth facility to further scale their community solar investments, continuing their commitment to advancing clean energy in New York.
KeyState CEO Josh Miller added, “We are thrilled to collaborate once again with Generate and our regional bank partners to deliver essential renewable energy to local communities.”
To date, KeyState has invested nearly $150 million across three facilities in partnership with Generate, reinforcing their shared mission of delivering renewable energy solutions through innovative financial models.
About Generate Capital
Generate Capital is a leading sustainable investment and operating platform driving the infrastructure transition. Generate aims to provide the capital and help that developers, businesses, cities and communities need to accelerate cost savings, resilience and decarbonization. Since 2014, Generate has invested in and operated sustainable assets across six sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With more than $10 billion raised since inception, 50+ technology and development partnerships and more than 2,000 assets globally, Generate’s one-stop-shop offers proof, not promises that sustainability pays.
