38 Degrees North, a community solar and distributed renewables platform, has closed a $260 million financing facility with Apterra Infrastructure Capital, an affiliate of Apollo, to support the construction of approximately 85 megawatts (MW) of community solar projects across New York and Illinois.
The facility was oversubscribed, with Stifel, National Bank of Canada, BankUnited, Farmer Mac, Amalgamated Bank, and Siemens Financial Services participating alongside Apterra.
The financing follows 38 Degrees North’s HoldCo facility with EIG, announced in August 2026, bringing the company’s total capital raised to more than $1.7 billion.
“New York and Illinois continue to be among the most active community solar programs in the country, with both states designed to bring new generation online while passing savings directly to subscribers,” said Ryan Bennett, Partner at 38DN, in a statement. “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.”
Together, the two facilities position the company to advance a significant pipeline of community solar and distributed generation projects across its key markets.
Ralph Cho, Co-Chief Executive Officer of Apterra, added, “The strong demand this facility attracted underscores the depth of institutional interest in well-structured community solar credit with developers who demonstrate consistent execution.”
Read more here.
