California-based solar developer, owner and capital partner 38 Degrees North (38DN) has announced the closure of a $260 million financing facility with finance platform Apterra Infrastructure Capital.
The funding, for which Apterra served as joint lead arranger, administrative agent, and sole bookrunner, will go to support the construction of approximately 85 MW of community solar projects across New York and Illinois.
National Bank of Canada and Stifel served as joint lead arrangers for the facility, with BankUnited acting as collateral agent. Also involved in the transaction were additional lenders Farmer Mac, Amalgamated Bank and Siemens Financial Services.
The facility was oversubscribed, indicating investor confidence in 38DN’s business model. “The strong demand this facility attracted underscores the depth of institutional interest in well-structured community solar credit with developers who demonstrate consistent execution,” said Ralph Cho, co-chief executive officer of Apterra. “We look forward to continuing our relationship with 38DN as the company advances its growth strategy.”
New York and Illinois are among the most active community solar markets in the country. In a recent report from the nonprofit Institute for Local Self-Reliance (ILSR), both states exhibited strong showings for community solar capacity on the basis of both total and capacity per capita.
New York, in particular, leads the nation in total installed community solar capacity, and one of 38DN’s previous projects in the state is a community solar installation backed by an anchor tenant relationship with Starbucks.
The Illinois community solar market is supported by the state’s mandate to generate 100% of the energy it needs from renewable sources by 2050. The Illinois Climate and Equitable Jobs Act (CEJA), first passed in 2021, provides incentives specifically designed to ensure a steady, continued pipeline of new community solar in the state.
The new credit facility follows 38DN’s announcement of a separate holdco debt facility with EIG in August 2026. The firm says its flexible financing from EIG will allow it to advance its pipeline of development portfolio and near-term acquisitions.
“As project queues lengthen, developers with permitted, ready-to-build pipelines and the capital to finance them are best positioned to convert that backlog into operating assets,” said 38DN partner Ryan Bennett, in comments related to the Apterra financing announcement. “Combined with the HoldCo facility we announced with EIG last month, we have secured strong financial backing from highly sophisticated institutional capital partners. We are exceptionally well positioned to advance on the significant growth opportunity ahead.”
38DN currently touts more than 100 projects under development or in operation, totaling over 500 MW across seven states. The company lists projects in California, Maryland, Massachusetts, Minnesota and Pennsylvania in addition to its portfolio in the two previously-listed states.
To date, 38 Degrees North says it has raised more than $1.7 billion in capital. The firm primarily focuses on development-stage and construction-ready distributed generation and community solar projects. The company says it currently has more than 100 projects and 500 MW under construction or operating, as well as an advanced pipeline of more than 250 MW planned for construction over the next 24 months.
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