San Francisco-based Generate Capital and Mitsubishi UFJ Financial Group (MUFG) have closed a $117 million term debt facility to finance a portfolio of community solar projects across Illinois and New York.
The financing will support Generate’s Community Solar Fund 11, which includes 18 projects totaling 114 MWdc across the two leading community solar states.
“The closing of this facility with MUFG further expands our financing partner network and provides additional capital to support the continued growth of our community solar platform,” said Generate chief capital formation officer Ed Bossange in a statement. “Combined with the significant financing activity we completed during the first half of the year, this transaction reflects the strength of our platform and our ability to attract capital from leading institutions across a diverse range of infrastructure solutions.”
While New York remains one of the nation’s most active community solar markets, annual solar capacity installations in the state declined 70% year-over-year during the first half of 2026, according to the latest Solar Market Insight Report from SEIA, largely due to poor site availability, high upgrade and interconnection costs, and weakening incentive levels.
On a nationwide basis, the decline in the New York community solar market has been partially offset by markets in Illinois, New Jersey, Virginia and Delaware, where installed capacity will grow substantially through the end of the year. However, SEIA expects community solar installation volumes to decline annually beginning in 2028, in the absence of new and extended programs.
Generate’s first half momentum
The $117 million MUFG transaction, which marks Generate’s first community solar financing with the bank, is part of a broader capital formation strategy in 2026.
According to the release announcing the deal, Generate closed approximately $1.4 billion in financing commitments during the first half of the year. This capital targets a diversified portfolio of infrastructure investments spanning community solar, battery energy storage systems, and energy efficiency.
Earlier this year, Generate closed on a 104 MW community solar portfolio alongside Monarch Private Capital. That deal supports more than 15 community solar projects that are expected to deliver roughly $200 million in investment tax credits. The company also closed a $61 million senior secured U.S. private placement to finance energy efficiency projects for an industrial customer. The 15-year construction-to-term financing represents Generate’s first 4(a)2 U.S. private placement.
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