Distributed energy integrator Verogy Holdings has completed a sale-leaseback financing with M&T Bank for a 2.7-megawatt (MW) commercial and industrial (C&I) solar project portfolio.
The portfolio is comprised of seven projects across several U.S. states, with a mix of corporate and municipal customers.
The transaction transfers long-term ownership of the assets to M&T Bank while Verogy retains operational control, freeing up capital to scale its development pipeline.
The scope of the projects reflects the continued growth of distributed generation, especially during a time when demand for cost-effective clean energy is accelerating across private and public sectors.
“We are pleased to partner with M&T Bank and Energetic on this portfolio, which allows us to efficiently recycle capital and accelerate deployment across our pipeline,” said William Herchel, CEO at Verogy, in a statement. “Structures like this are critical to scaling distributed solar and meeting growing customer demand.”
Energetic Capital provided a credit insurance policy to support the transaction, enhancing revenue certainty and enabling a broader portfolio composition to qualify for financing.
Nathan Maggiotto, CEO of Energetic Capital, added, “Access to efficient capital is critical for continued growth in distributed solar. Credit insurance helps align developer and lender objectives by mitigating counterparty risk and supporting scalable portfolio financing.”
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