Ballast Rock Asset Management has announced that its Ballast Rock Real Estate Private Credit Fund has provided development financing to Sol Source Power LLC to support a 74.5 MW DC portfolio of 14 community solar projects in Illinois.
The 18-month loan will finance development activities and safe harbour-related expenses, enabling Sol Source Power to advance the projects towards construction and commercial operation.
The financing underscores Ballast Rock’s strategy of supporting development-stage renewable energy projects through flexible private credit solutions. The firm said its Real Estate Private Credit Fund is focused on providing tailored financing structures that align with project development timelines, capital requirements, and long-term business objectives.
According to Ballast Rock, the transaction addresses a financing gap often faced by renewable energy developers, particularly for development-stage projects requiring funding below $10 million. The company noted that many conventional lenders prioritise larger and more mature projects, creating demand for specialised financing partners capable of supporting earlier-stage development.
The funding has been structured to complement Sol Source Power’s existing development strategy while supporting the advancement of its Illinois community solar portfolio. The financing also incorporates safe harbour-related initiatives, helping the developer meet key project development milestones.
Adam Feldman, Chief Investment Officer at Sol Source Power, said the financing solution was designed to align with the company’s development objectives and timeline, while highlighting the collaborative approach taken by Ballast Rock throughout the transaction.
Ballast Rock stated that the loan was originated through its Real Estate Private Credit Fund, which focuses on specialised lending opportunities backed by real assets and infrastructure projects, particularly within the community solar and distributed generation sectors.
Simon O’Shea, Co-Founder and Chief Investment Officer of Ballast Rock Asset Management, said the transaction reflects the firm’s strategy of combining renewable energy, infrastructure, real estate, and credit expertise to deliver development capital tailored to developers’ long-term growth plans.
The company added that it is actively seeking additional opportunities to provide development financing to experienced solar and battery energy storage developers, with a focus on supporting projects through critical development milestones using flexible capital structures and disciplined underwriting.
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