Generate Capital, PBC, a leading sustainable infrastructure investment firm, has announced the closing of an $85 million tax equity commitment with SOLCAP, the tax equity investment platform of KeyState, for Fund X. The investment will support a portfolio of eight community solar projects across New York and Illinois with a total capacity of 38 megawatts direct current (MWdc). These projects are expected to begin commercial operations between the fourth quarter of 2025 and the first quarter of 2026.
This milestone marks Generate Capital’s 10th community solar tax equity fund overall and its 5th partnership with KeyState since 2021, reinforcing its position as one of the most active and reliable tax equity providers in the renewable energy sector. So far in 2025, the company has raised more than $807 million in project debt and $608 million in tax equity — over $1.4 billion in total — including this latest close.
Peggy Flannery, Managing Director of Investments at Generate Capital, stated that community solar remains one of the most effective ways to expand access to clean energy while creating tangible local benefits. Since 2017, Generate has worked alongside long-term partners like KeyState to deliver affordable, reliable, and sustainable power to households, businesses, and communities across the country.
Josh Miller, CEO of KeyState, which manages the SOLCAP platform, added that Generate continues to set the standard in sustainable infrastructure investing. He highlighted that their partnership has directed significant capital toward projects that drive both strong financial returns and measurable environmental impact.
Since entering the community solar market in 2017, Generate Capital has developed one of the most experienced and established community solar platforms in the U.S., owning and operating more than 430 MW across multiple states. Through its partnerships with leading developers, sponsors, and institutional investors, the company continues to expand access to clean energy, strengthen grid resilience, and support local economic development. Legal counsel for the transaction was provided by Orrick (sponsor counsel) and Kutak Rock (investor counsel).
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