Ballast Rock Asset Management announced that its Real Estate Private Credit Fund has provided development financing to Sol Source Power, a renewable energy developer specializing in distributed generation solar and battery storage projects, to support a 74.5-megawatt (MW) portfolio of 14 community solar projects in Illinois.
The 18-month loan will fund development and safe harbor-related expenses associated with the portfolio, enabling Sol Source Power to advance the projects toward construction and commercialization.
The financing was structured to complement Sol Source Power’s existing development strategy and support critical development milestones.
“Many traditional lenders focus on larger, more developmentally advanced opportunities, leaving experienced developers searching for financing partners who understand the development process and can structure capital around the specific needs of a project or portfolio,” said Max Jackson, Managing Director and Portfolio Manager for the Real Estate Private Credit Fund, in a statement.
He continued, “We believe there is a significant opportunity to support those developers with flexible, tailored financing solutions and then scale with them as their business and capital needs expand.”
Ballast Rock’s private credit fund specializes in flexible financing solutions for distributed generation and community solar developers, combining renewable energy, real estate, infrastructure, and credit expertise.
Adam Feldman, Chief Investment Officer of Sol Source Power, added, “Ballast Rock understood the needs of our portfolio and worked with us to develop a financing solution that supported our development objectives and timeline.”
Read more here.
