Generate Capital Closes $85 Million Community Solar Tax Equity Fund with KeyState, Expanding Leadership in Distributed Clean Energy Financing

SAN FRANCISCO, Oct. 9, 2025 /PRNewswire/ -- Generate Capital, PBC ("Generate"), a leading infrastructure investment firm, today announced the closing of an $85 million tax equity commitment with SOLCAP, KeyState's tax equity investment platform, for Fund X, supporting a portfolio of eight community solar projects across New York and Illinois totaling 38 MWdc. The projects are scheduled to achieve commercial operation between Q4 2025 and Q1 2026.

This marks Generate's 10th community solar tax equity fund overall and its 5th fund with KeyState since 2021, underscoring the company's track record as one of the sector's most active and reliable tax equity providers. To date in 2025, Generate has raised over $807 million in project debt and over $608 million in tax equity — over $1.4 billion in total — including this latest close.

"Community solar continues to be one of the most effective ways to expand access to clean energy while delivering tangible local benefits," said Peggy Flannery, Managing Director, Investments, at Generate Capital. "Since 2017, we've been proud to support the development of community solar, working alongside long-term partners like KeyState to bring reliable, cost-effective clean power to households, businesses, and communities across the country."

Josh Miller, CEO of KeyState, which manages the SOLCAP platform, added, "Generate sets the standard in sustainable infrastructure investing, and our partnership has directed meaningful capital into projects that drive both returns and real-world impact. We value our partnership and look forward to continuing to grow together."

Since entering the community solar market in 2017, Generate has built one of the most experienced community solar platforms in the industry, owning and operating more than 430 MW of community solar across multiple states. Its long-standing relationships with leading sponsors, developers, and institutional investors have enabled Generate to scale the sector, expanding access to clean energy while supporting grid resilience and community economic development.

Counsel for the transaction included Orrick (sponsor counsel) and Kutak Rock (investor counsel).

About Generate Capital

Generate is a specialized investment platform that builds, owns, and operates critical infrastructure. The firm finances and delivers affordable, resilient solutions that provide essential resources to customers and communities, while supporting the nation's growing demand for power. Since 2014, Generate has invested in and operated assets across six key sectors: power, mobility, waste, green digital, water, agriculture, and industrial decarbonization. With more than $14 billion raised since inception, the firm's portfolio includes over 2,000 assets and more than 50 partnerships with leading technology providers and developers.

For more information, please visit www.generatecapital.com.

About KeyState and SOLCAP

KeyState helps community banks unlock earnings from unexpected places. Since 1991, KeyState has partnered with 150+ banks, delivering innovative investment structures that boost profitability. Through SOLCAP, its renewable energy tax equity and ITC transfer investment platform, KeyState syndicates investments from community and regional banks to finance renewable energy projects with leading developers. Launched in 2019, SOLCAP has deployed or committed over $1 billion in capital to develop 200+ renewable energy projects in communities across more than a dozen states.

For more information, please visit www.sol-cap.com.

SOURCE Generate Capital