Aligned Climate Capital Secures $387 Million for 126MW Community Solar Portfolio in US

Aligned Climate Capital has secured approximately $387 million in construction-to-permanent financing for a 126-megawatt community solar portfolio comprising 20 projects across Illinois and Maryland. The financing facility, led by Apterra Infrastructure Capital, an affiliate of Apollo Global Management, will support project construction before converting into permanent debt as individual facilities become operational. The agreement aims to address financing challenges facing smaller renewable energy projects that may struggle to attract institutional infrastructure investment independently.

The portfolio includes approximately 115 MWdc of solar capacity across 18 sites in Illinois and 11 MWdc across two sites in Maryland. Once operational, the projects are expected to generate approximately 225 million kilowatt-hours of electricity annually, equivalent to the consumption of around 31,500 homes. The Illinois projects are located within Ameren and ComEd utility territories, with some participating in the Illinois Shines Adjustable Block Program. The Maryland projects fall within Delmarva Power and Potomac Edison service areas and participate in the state's Community Solar Energy Generating Systems programme, which reserves at least 40% of project capacity for low- and moderate-income subscribers.

 

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The financing structure addresses a persistent challenge in the distributed solar market, where individual developments are often too small to secure large-scale institutional financing. By combining several projects into a single portfolio, Aligned can offer investors greater scale while supporting the development of community solar infrastructure. "Individual projects may be too small for traditional infrastructure investors. But when you bring those projects together into a larger portfolio, you can attract institutional financing that would otherwise be difficult to access," said Peter Davidson, CEO of Aligned Climate Capital.

The facility is supported by a lending syndicate comprising BankUnited, Stifel, Banco de Crédito e Inversiones (Bci), Amalgamated Bank, Siemens, Farmer Mac and BTG Pactual. BankUnited will serve as the depository agent, while BankUnited and Stifel will provide interest rate swaps, and Bci will act as the letter of credit provider. Ralph Cho, Co-Chief Executive Officer of Apterra, highlighted the commercial fundamentals of the portfolio, stating that it "benefits from scale, contracted revenue, and experienced sponsorship." The announcement does not disclose the facility's interest rates or detailed repayment terms.

 

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Aligned has invested in distributed solar infrastructure through its Aligned Solar Partners strategy since 2018, acquiring projects from development partners, financing construction and managing assets through operations. The firm manages approximately $2.2 billion in assets as of December 2025. With US community solar installations having surpassed 10 GW, the latest financing demonstrates how aggregated project portfolios can help attract private capital to distributed renewable energy. The immediate priority will be bringing the 20 financed projects into operation and expanding electricity access through community solar programmes in both states.