PureSky Energy has completed a $183.7 million investment-grade refinancing of its operating community solar portfolio, consolidating eight existing debt portfolios into a single financing structure covering 211 MWDC of solar capacity and 58 MWh of battery energy storage across 43 operating assets in Massachusetts, New York and Minnesota.
According to the company, the transaction is one of the largest investment-grade refinancings completed in the U.S. community solar sector. Marathon Capital served as the exclusive financial advisor for the refinancing.
The refinancing received an investment-grade rating, reflecting the portfolio’s scale, diversification and long-term cash flow stability. By combining multiple debt portfolios into a single financing vehicle, PureSky said it has strengthened its capital structure while eliminating refinancing risk across the portfolio for the next decade.
The financing also reflects the growing adoption of portfolio-level financing strategies in the distributed energy sector, as developers seek to improve access to long-term institutional capital through larger, diversified asset portfolios.
Institutional investors participating in the refinancing include PGIM, funds managed by AB CarVal, and Denham Capital. The company said the participation of multiple institutional investors demonstrates growing confidence in distributed energy assets and PureSky’s long-term ownership model.
In addition to the refinancing, PureSky has internalized all community solar customer management functions to improve operational control, enhance customer experience and strengthen its position as a long-term owner and operator of distributed energy assets.
Rami Khadra, Chief Financial Officer of PureSky Energy, said the investment-grade refinancing marks a significant milestone for both the company and the broader community solar industry. He added that the transaction reflects the strength of PureSky’s operating platform while providing long-term financing certainty and supporting future growth.
Ty Bowman, Managing Director at PGIM, said PureSky’s diversified portfolio, long-term contracted cash flows and integrated customer management platform contributed to a strong credit profile that supports long-term infrastructure investment.
Alex Flamm, Managing Director at AB CarVal, said scalable distributed energy portfolios continue to present attractive opportunities for private capital, while noting that PureSky’s diversified asset base supports a flexible long-term capital structure.
Jorge Camiña, Partner at Denham Capital, said the transaction highlights the depth of investment opportunities within the U.S. renewable energy sector and demonstrates the growing maturity of community solar as an infrastructure asset class.
Matt Volkov, Director at Marathon Capital, said consolidating a diverse portfolio of operating assets into a single investment-grade financing structure expands access to capital markets and reflects increasing institutional demand for large-scale distributed energy investments.
PureSky said the refinancing strengthens the portfolio’s overall risk profile by diversifying performance across multiple states and operating assets, improving cash flow stability while reducing exposure to individual project or market risks. The company added that the transaction positions it to continue expanding its community solar portfolio while delivering affordable clean energy to customers across the United States.
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