SunRocket Capital And Novel Energy Solutions Expand Partnership With New Project Financing Deal

SunRocket Capital, a structured finance partner to solar developers, has announced the successful closing of financing for a ground-mount community solar installation in Sidney, Maine. The project, developed by Novel Energy Solutions, has a capacity of 1.93 MW (DC) and has qualified for Renewable Energy Credits (RECs). This marks the fifth project financed by SunRocket Capital for Novel Energy Solutions in recent months.

Prior to the Sidney project, SunRocket Capital had funded four other community solar projects developed by Novel Energy Solutions, which are currently at various stages of development across Maine and Minnesota. With the addition of the Sidney project, SunRocket Capital has deployed a combined total of over $28.8 million in funding to support Novel Energy Solutions’ community solar portfolio.

The previous projects include Swartley, Philbrick, and Lebanon in Maine, as well as Hilde in Minnesota. An additional project in Minnesota is expected to be financed later this month. All these projects are scheduled for completion by late 2025, with each installation expected to become operational within 12 months of its respective closing date.

Derek Gabriel Sr., Head of Originations at SunRocket Capital, stated, “It is our mission to understand the needs of our client developers and to assure them that they have a financial partner that will close their construction to permanent loan needs. We see Novel Energy Solutions as great partners and will always work diligently to meet the goals of our clients.”

Matt Sullivan, Project Finance Director at Novel Energy Solutions, said in a statement, “SunRocket Capital was able to tailor and coordinate the debt financing to the needs of the project. They understood that sometimes development needs may change, especially with an evolving community solar pipeline. The ability to continuously meet the challenges of our portfolio requirements remains very appealing and makes for a strong team. That is why SunRocket Capital continues to stand out.”

The financing provided by SunRocket Capital plays a crucial role in helping these projects move from construction to operational stages. This latest closing further strengthens the long-standing collaboration between SunRocket Capital and Novel Energy Solutions. Their partnership has enabled Novel Energy Solutions to scale its operations effectively, bringing clean and renewable energy to underserved regions. Through their combined efforts, both organizations continue to contribute to the creation of sustainable energy solutions that support local communities and the environment.