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Institutional equity funds community solar projects for Pivot Energy and Generate Capital

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Institutional equity funds community solar projects for Pivot Energy and Generate Capital

Pivot Energy’s vice president of policy and market strategy, John Bernhardt, recently spoke with PV Tech Premium regarding the merger between trade bodies the Solar Energy Industries Association (SEIA) and the Coalition for Community Solar Access (CCSA) saying that: “We’ve independently seen their value, and what I think is interesting about this merger is these organisations bring a lot of nice complements.”

In the US Northeast, investor and power infrastructure operator Generate Capital has closed a US$154.5 million investment from SOLCAP, the solar tax equity platform launched by KeyState in 2019. The funds will support 10 community solar projects to be sited in New York and Illinois, which combined will produce 43 MWac.

The latest funding round is Generate Capital’s sixth tax equity fund with KeyState, following a business relationship that began in 2021. The new commitment follows the US$85 million Fund X announced by Generate Capital and KeyState in October 2025.

Generate has built US$1.6 billion in operating funds to date in 2026, and more than US$10 billion since its founding in 2014.

“Our sixth fund with KeyState reflects both the strength of our longstanding partnership and continued interest from institutional capital providers in investing alongside Generate. Together, we’re putting capital to work in projects that expand access to reliable, cost-effective clean power for communities across the country,” said Peggy Flannery, managing director and head of distributed generation at Generate Capital.

KeyState’s chief investment officer, Allan Riska confirmed the two companies’ commitment to bring institutional capital to create community solar projects at scale.


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