SunVest Solar gets $154 million of debt and tax equity financing

By William Gullotti

Buffalo, N.Y., Dec. 13 – SunVest Solar LLC acquired $154 million of combined debt and tax equity financing, according to a press release on Tuesday.

The financing is broken up into a $113 million debt facility led by Silicon Valley Bank and $41 million of tax equity from Rockwood Group via its partnership with Guardian Life Insurance Co. of America.

The debt facility comprises a construction loan, tax equity bridge loan and permanent loan.

Proceeds will be used to support the construction and operation of a 56 MW portfolio of solar projects in Illinois, Maine, Minnesota and Wisconsin.

The tax equity from Rockwood Group and its partnership with Guardian will enable SunVest to construct, operate and own the portfolio under a subsidiary.

Headquartered in Chicago, SunVest is a solar development company with nearly 2 gigawatts of development projects and a growing portfolio of assets under management expected to reach 250 megawatts in 2023.

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