Sustainability Trends

On January 21, 2025, Torch Clean Energy (Torch or the Company), a premier U.S.-based utility-scale solar and storage developer, announced a strategic investment from Morgan Stanley Infrastructure Partners (MSIP). This partnership with MSIP marks a pivotal transformation for Torch, enabling it to transition from a development platform to an integrated clean power platform with capabilities across development, construction, and asset management. MSIP’s investment in Torch provides committed capital to expand and transition the Torch platform. KeyBanc Capital Markets (KBCM) served on the transaction as Exclusive Financial Advisor to Torch Clean Energy.

KBCM ran a dual-track process for Torch — a broadly marketed sale of the Company’s development-complete solar and storage portfolio in parallel with a platform equity capital raise marketed to select investors. This approach allowed Torch to consider a transformational platform partnership alongside a non-dilutive asset sale. KBCM highlighted Torch’s differentiated strategy and above-market profitability, which resulted in the Company’s equity partnership with MSIP. 

About Torch Clean Energy
Torch Clean Energy is a clean energy and battery storage developer with extensive experience developing, permitting, designing, and building solar, wind, and battery energy storage projects. Torch has originated, developed, and sold 1.2+ gigawatts (GW) of renewable power projects. Based in Boulder, Colorado, Torch Clean Energy has operated as an independent, founder-owned developer since 2015. 

About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $16 billion in assets under management. Founded in 2006, MSIP has invested in a diverse portfolio of more than 35 investments across transport, digital infrastructure, energy transition, and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management.

KeyBanc Capital Markets, Inc. (KBCM) served as exclusive financial advisor to AMPYR Energy USA (AMPYR or the Company) on its development capital raise from Crayhill Capital Management LP (Crayhill). The transaction closed in December 2024. 

Transaction Overview
KBCM was engaged by AMPYR to raise a strategic development capital facility to fund its utility-scale solar and energy storage development pipeline. The facility will provide up to $200 million of capital. KBCM leveraged existing relationships with leading capital providers to conduct a targeted process that resulted in multiple attractive offers, maximizing competitive tension, which ultimately optimized the terms of the facility. KBCM supported AMPYR throughout the entire process, identifying prospective lenders, guiding the marketing strategy, and negotiating structure and terms through transaction close.

AMPYR Energy USA Overview
Founded in 2021, AMPYR specializes in the development, construction, operation, and optimization of utility-scale solar power generation and co-located storage projects across all major markets in the country. AMPYR is a joint venture between AGP Group (AGP) and Hartree Partners (Hartree). AGP has a decade-long track record in development, construction, and operation of renewable IPPs globally. Key partners of AGP delivered more than 3 gigawatts (GW) of renewable assets at a predecessor business and successfully exited the platform to Global Infrastructure Partners. Hartree, a New York-headquartered global merchant commodities company, is active in energy trading and the renewable energy sector with a portfolio of 20 million megawatt hours (MWh) under management.

Crayhill Capital Management LP Overview
Founded in 2015, Crayhill is an asset-based private credit manager based in New York City. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets

On November 26, 2024, KeyBanc Capital Markets (KBCM) successfully closed $179.1 million in Senior Secured Credit Facilities (the Facilities) for rPlus Energies for the Pleasant Valley Solar 2 project (PVS2 or the Project). This Project is in Ada County, Idaho, adjacent to the Pleasant Valley Solar 1 project, which was developed by rPlus Energies and constructed in 2023. The PVS2 Facility comprises $97.4 million in Construction Loans, $63.4 million in ITC Bridge Loans, and $18.3 million in PPA LCs. Proceeds will be used to fund the construction and operating periods of the Project. KBCM acted as Coordinating Lead Arranger, Joint Bookrunner, Collateral Agent, and Depositary Agent.

The Pleasant Valley Solar 2 is a 125 MW_AC/163 MW_DC utility-scale solar project. It is scheduled to achieve commercial operation in the second quarter of 2026 and will generate revenue under a 20-year busbar-settled power purchase agreement with Idaho Power.

This financing marks the second transaction between rPlus Energies and KBCM. In July 2024, KBCM successfully closed senior secured credit facilities for Green River Energy Center.

About rPlus Energies
Founded in 2018, rPlus Energies is an experienced solar, storage, and wind developer based in Salt Lake City, Utah, with a development pipeline of more than 15 gigawatts (GW). Since its establishment, rPlus Energies has successfully developed more than 1.4 GW of solar and wind projects across Utah and Idaho, all of which are either operational or under construction. rPlus Energies is backed by Sandbrook Capital, a private investment firm with more than $2.1 billion in equity commitments focused on investing in leading renewable energy and sustainable infrastructure platforms throughout North America and Europe, and the Gardner Group, a leading Salt Lake City-based full-service real estate developer with an expansive real estate portfolio consisting of 10+ million square feet of commercial and medical building space and 2,500 residential lots.

On November 1, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $1.23 billion in Senior Secured Credit Facilities to support Copia Power’s Centennial Flats utility-scale solar plus energy storage project. The financing includes a $898 million construction-to-term loan, a $257 million tax-credit bridge loan, and $74 million in letters of credit. Proceeds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger.

Centennial Flats is a 675 megawatt direct current (MW_DC)  solar + 1,068 megawatt hour (MWh) energy storage project in La Paz County, Arizona, and will interconnect to the California ISO-market. Developed with tier-1 equipment, Centennial Flats will be constructed in three phases beginning in Q4 2024, with commercial operations expected in Q3 2026. The project is expected to create more than 400 jobs during construction.     

This represents the third transaction between Copia Power and KBCM.

About Copia Power
Copia Power is a renewable energy infrastructure platform launched by The Carlyle Group (NASDAQ: CG) in March 2021. Created with the acquisition of Tenaska’s 6 gigawatt (GW) solar and energy storage pipeline, Copia Power's goal is to become a leading, integrated energy transition platform specializing in developing, owning, and operating giga-scale projects in select U.S. markets. The company is led by industry veterans with extensive shared experience in developing, commercializing, constructing, and operating more than 10 GW of renewable energy projects. Since its launch, Copia Power has built a robust 18+ GW development pipeline across the U.S. with an additional 1.5 GW of projects beginning construction in the past 12 months.

On October 24, 2024, KeyBanc Capital Markets Inc. (KBCM) closed $870 million in Senior Secured Credit Facilities supporting Greenbacker Renewable Energy Company’s (GREC) utility-scale solar project, Cider. The financing includes a $373 million construction-to-term loan, a $418 million tax-equity bridge loan, and $79 million in letters of credit. The funds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Co-Documentation Agent.

Based in Genesee County, New York, the Cider solar project will generate a total of 674 megawatts direct current (MW_DC)/megwatt alternating current (MW_AC), making it the largest utility-scale solar farm in the state when completed. Expected to reach commercial operation in Q1 2027, the project is anticipated to power more than 120,000 homes. It has secured a 20-year contract with the New York State Energy Research and Development Authority (NYSERDA).

In addition to providing clean, affordable, renewable energy, Cider will deliver significant community benefits, including tax revenue for local governments and schools, funding for first responders and the public library, job creation, and support for local businesses.

This represents the 10th transaction between GREC and KBCM.

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company (GREC) is a publicly registered, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. GREC’s portfolio is primarily comprised of wind, solar, and storage projects that sell power and renewable energy credits under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations.

KeyBanc Capital Markets, Inc. served as exclusive sell-side advisor to Renewable Properties, LLC (Renewable Properties or the Company) on the sale of its 21 megawatt direct current (MW_DC) community solar portfolio (the Portfolio) to Luminace Sunbeam Development Holdings, LLC (Luminace). The Portfolio comprised four pre-construction community solar assets in Illinois. The transaction closed in October 2024.

Luminace Overview
Luminace is a North American distributed energy business owned by Brookfield and a leading provider of decarbonization-as-a-service solutions to utilities, energy cooperatives, and commercial, industrial, and public sector customers. Luminace is one of the largest distributed energy developers, owners, and operators in North America, managing approximately 1,400 megawatts (MW) of operating distributed energy resources in 28 states, Washington, D.C., Puerto Rico, and Canada.

Renewable Properties Overview
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar, energy storage, and electric vehicle (EV) infrastructure projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties is active in 15 states and has more than 1 gigawatt (GW) of solar, energy storage, and EV infrastructure under development with over 175 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities, and financial institutions looking to invest in solar energy systems.

On September 13, 2024, Arava Power Company (Arava) and Palladium Energy, LLC (Palladium) closed the sale of their 100% equity interests in a 364 megwatt direct current (MW_DC)/280 megwatt-hour (MWh) portfolio of utility-scale solar-plus-storage assets (the Portfolio) to an undisclosed buyer. Arava and Palladium have developed a joint venture, Prairie Sun, LLC (Prairie Sun), which has a broad mandate to originate across the U.S. and divest early-stage projects as certain development milestones materialize. The Portfolio consists of three early-stage projects in Pennsylvania (130 MW_DC solar plus 100 MWh storage), Virginia (104 MW_DC solar plus 80 MWh storage), and Mississippi (130 MW_DC solar plus 100 MWh storage). KeyBanc Capital Markets was engaged as Prairie Suns’s Exclusive Financial Advisor. 

Arava Power Company Overview
Arava Power Company is a pioneer of utility-scale solar in Israel, starting development in 2007. Arava develops, builds, owns, and operates solar projects, while maintaining and improving performance through excellence in development, technological innovation, and advanced asset management. The company is one of the most experienced and reputable developers/independent power producers (IPPs) in the Israeli clean energy sector and is expanding its footprint thoughout the U.S. In September 2024, Arava began operating its first solar project in Texas and continues to develop utility-scale solar, solar plus storage, and standalone storage projects across the U.S.

Palladium Energy, LLC Overview
Palladium, headquartered in Jacksonville, Florida, is a national energy infrastructure development and project finance firm that has a combined 35+ years of experience in the energy sector. The Palladium team has developed more than 6.5 gigawatts (GW) of projects since its inception, having divested or financed over 1.7 GW.

On September 23, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $50 million Construction Loan for SolAmerica Energy (SolAmerica or the Company). Once the projects in the Portfolio reach commercial operation, the Facility will be refinanced by a sale leaseback financing solution provided by Key Equipment Finance. KBCM acted as Lead Arranger, Administrative Agent, Collateral Agent, and Depositary Agent.

SolAmerica is a leading provider of turnkey solar energy and storage solutions. The company specializes in thedeveloping, engineering, procuring, and constructing of ground-mount, rooftop, and parking canopy solar systems designed to provide energy to utilities, communities, and large commercial and industrial facilities. Since its founding in 2009, SolAmerica has developed or constructed hundreds of megawatts of solar projects in 11 states and more than 100 counties. 

In March 2023, KBCM advised the former shareholders of SolAmerica on its sale to AB CarVal through a competitive sell-side process. AB CarVal is an established global alternative investment manager with approximately $16 billion in assets under management in corporate securities, loan portfolios, structured credit, and hard assets. Since 2017, CarVal has deployed over $4 billion in clean energy investments.

On August 26, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $59 million Senior Secured Credit Facility (the Facility) for Jupiter Power’s Callisto I Energy Center battery storage project (Callisto I or the Project) in ERCOT. The Facility will bridge to the purchase of the investment tax credits generated by the Project, and proceeds will be used to reimburse Jupiter for its construction costs. KBCM acted as Lead Arranger, Sole Bookrunner, Administrative Agent, and Collateral Agent. Callisto I is a 200 megawatt/400 megawatt hour utility-scale standalone battery energy storage project in Harris County, Texas. The Project reached commercial operations in August 2024. The Project will help manage energy supply and demand imbalances, growing load requirements, and increase resilience from extreme weather events in the Houston metropolitan area. This represents the second transaction between Jupiter Power and KBCM.

Jupiter Power Overview:
Headquartered in Austin, Texas and formed in 2017, Jupiter Power is a premier developer, owner, and operator of utility-scale energy storage projects. The Company’s portfolio of operational and under-construction projects is one of the largest in the country, including the leading energy storage fleet in Texas. Additionally, Jupiter has a development pipeline of more than 11 gigawatts.. Jupiter Power is owned by BlackRock Alternatives via a fund managed by its Diversified Infrastructure business. BlackRock is the world’s largest asset manager and holds over $50 billion of infrastructure AUM, composed of equity, debt, and alternative solutions, with the goal of driving the clean energy transition.

About the Transaction: 
On September 23, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $665 million in Senior Secured Credit Facilities (the Facilities) for Clearway Energy Group’s Pine Forest Solar project. Pine Forest is a utility-scale solar + storage facility in Hopkins County, Texas. The Facilities comprise $103 million in Construction Loans, $203 million in Cash Equity Bridge Loans, $42 million in Tax Equity Bridge Loans, $275 million in Tax Credit Transfer Bridge Loans, and $42 million in Letters of Credit. Proceeds will be used to fund the construction and operating periods of the project. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Pine Forest is a 370 MW utility-scale solar and 200 megawatt (MW), storage project in the ERCOT power market and will generate revenue through a 20-year power purchase agreement with Dell and a 15-year power purchase agreement with Universal. 

This represents the 18th transaction between Clearway Energy Group and KBCM.

About Clearway Energy Group:
Clearway Energy Group was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 10.4 gigawatts (GW) of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of Clearway Energy Group from Global Infrastructure Partners. As of September 2024, Clearway Energy Group has an extensive pipeline of 30 GW of solar, wind, and storage projects in both regulated and deregulated regions. It has committed to grid reliability with more than 12 GW of paired and standalone storage operating or in development. The company has more than 800 employees with operating solar and wind projects in 27 states.

On August 29, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $285 million in Senior Secured Credit Facilities for Doral Renewables’ Mammoth South and Central projects in Pulaski County, Indiana. Together with its sister project, Mammoth North, these projects will comprise the largest standalone solar portfolio in the U.S. The funds will accelerate the construction of the portfolio over the next 12 months, with plans for a larger construction-to-term financing solution. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The Portfolio consists of three utility-scale standalone solar projects (Mammoth South, Mammoth Central I, and Mammoth Central II), totaling 900 megawatt (MW) alternating current (AC)/1,128 MW direct current (DC). All three projects are expected to reach commercial operations by March 2027. Once operational, the complete Mammoth Solar portfolio, including Doral Renewables’ Mammoth North project in Starke County, Indiana, will have a nameplate capacity of 1.3 gigawatts (GW) and power ~275,000 households annually.

Doral Renewables Overview:
Headquartered in Philadelphia, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. Doral Renewables’ solar and storage development portfolio totals more than 13 GW, including 1.3 GW under construction, and operates in 18 states across 10 electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, ABP, which looks after the pensions of 4.6 million participants and manages approximately 569 billion euros in pension assets.

About the Transaction:
On July 25, 2024, KeyBanc Capital Markets, Inc. (KBCM) announced completion of $258 million in senior secured credit facilities with esVolta, LP, for a 980 megawatt hour portfolio of standalone battery energy storage projects. KBCM acted as Coordinating Lead Arranger, Collateral Agent, and Depository Agent.

The credit facilities consist of construction plus tax equity bridge financing, letters of credit, and a long-term loan to finance three of esVolta’s energy storage project assets currently under construction in Texas including Anole, Desert Willow, and Burksol. Each of the projects is designed to provide fast-responding energy and ancillary services into the ERCOT market, helping to strengthen the regional electric grid.

esVolta Overview:
Founded in 2017, esVolta, LP, is a top developer, owner, and operator of utility scale energy storage projects across North America. The company’s portfolio of operational plus in-construction projects totals about 1.5 gigawatt hours of storage capacity, and the firm is developing a large pipeline of future storage projects. esVolta is a portfolio company of Generate Capital, PBC, a leading sustainable infrastructure company driving the infrastructure transition. Additional information about esVolta is available at www.esvolta.com.