SolAmerica Energy Secures $129 Million Financing for 18 MW Illinois Solar Portfolio

SolAmerica Energy has secured $129 million in financing for an 18 MW solar portfolio comprising seven projects in Illinois. The funding includes a $50 million construction loan from KeyBank and a $79 million sale-leaseback tax equity investment from Key Equipment Finance. These solar projects are expected to become operational in 2025.

Headquartered in Atlanta, Georgia, SolAmerica Energy specializes in developing and managing community-scale solar projects. The company is owned by funds managed by AB CarVal. KeyBanc Capital Markets acted as the administrative and collateral agent for the transaction, while Key Equipment Finance served as the tax equity investor.

Tully Blalock, CEO of SolAmerica Energy, expressed pride in partnering with KeyBank, highlighting the strong relationship and diverse capital solutions provided by the institution. Mark Dondero, Director at KeyBanc Capital Markets, emphasized the bank’s commitment to renewable energy and its partnership with SolAmerica to support cost-saving and environmentally beneficial projects. Robert Davies, Head of Clean Energy at Key Equipment Finance, praised the initiative for its potential to bring renewable energy benefits to Illinois residents.

Alex Flamm, Managing Director at AB CarVal, also acknowledged KeyBank’s role in advancing renewable energy solutions and emphasized the importance of partnerships in meeting the growing demand for clean energy.

This financing represents a significant step for SolAmerica in its efforts to expand renewable energy projects across the U.S., promoting sustainability and energy affordability in local communities.