US Company 38 Degrees North Secures $260 Million Financing to Build 85MW Community Solar
en.Wedoany.com Reported - On September 15, U.S. solar developer 38 Degrees North (38DN) announced the completion of $260 million in financing, arranged by Apterra Infrastructure Capital, to support the construction of approximately 85MW of community solar projects in New York State and Illinois. Apterra also served as Joint Lead Arranger, Administrative Agent, and Sole Bookrunner, with National Bank of Canada and Stifel serving as Joint Lead Arrangers, and BankUnited serving as Collateral Agent.
The financing also attracted participation from institutions including Farmer Mac, Amalgamated Bank, and Siemens Financial Services. 38DN stated that the financing facility was oversubscribed, and the funds will primarily be directed toward community solar assets that are already ready for development and construction, accelerating projects from the development stage into construction and operation.
The project portfolio is distributed across New York State and Illinois, both of which are relatively active markets for community solar in the United States. Community solar typically involves the centralized construction of small- to medium-sized solar power stations, with residential, commercial, or institutional users subscribing to shares of the project's power generation or receiving electricity bill credits. Therefore, in addition to equipment such as solar modules, inverters, and mounting structures, project construction also involves grid interconnection, electrical systems, metering, and long-term operations and maintenance. Once this 85MW project enters the financing implementation stage, it will generate corresponding EPC and equipment procurement demand.
This financing is also part of 38DN's recent efforts to expand funding sources for project development. In August 2026, the company reached another holding-level debt financing agreement with EIG to support its development project portfolio and recent asset acquisitions. Combined, the two financings will provide more ample capital support for its project construction over the next two years.
Currently, 38DN has more than 100 projects in development, construction, or operation across 7 U.S. states, with a total scale of over 500MW, and a pipeline of more than 250MW of follow-on projects planned to enter the construction stage within the next 24 months. The company's cumulative financing scale has exceeded $1.7 billion, with its business focus on distributed solar and community solar projects.
