Generate Capital and KeyState Expand Partnership with $154.5 Million Community Solar Tax Equity Fund
Sixth tax equity fund between Generate and KeyState supports 10 community solar projects totaling 43 MWac across New York and Illinois
San Francisco, CA – October 08, 2026 — Generate Capital (“Generate”), a leading investor, owner and operator of critical infrastructure, today announced the closing of a $154.5 million tax equity commitment with SOLCAP, KeyState’s tax equity investment platform, supporting a portfolio of 10 community solar projects across New York and Illinois totaling 43 MWac.
The transaction marks Generate’s sixth tax equity fund with KeyState, extending a relationship that began in 2021 and demonstrating continued institutional demand for investment in distributed clean energy infrastructure. The new commitment follows the $85 million Fund X announced by Generate and KeyState in October 2025, which is now nearing final funding.
The latest transaction builds on Generate’s continued capital raising momentum, with $1.6 billion in financing commitments secured to date in 2026 to support the continued deployment of critical infrastructure.
“Long-term capital partnerships are essential to our ability to scale critical infrastructure and meet growing demand for power,” said Peggy Flannery, Managing Director, Head of Distributed Generation at Generate Capital. “Our sixth fund with KeyState reflects both the strength of our longstanding partnership and continued interest from institutional capital providers in investing alongside Generate. Together, we’re putting capital to work in projects that expand access to reliable, cost-effective clean power for communities across the country.”
“Generate has been a trusted partner to KeyState and the SOLCAP platform for more than five years, and this sixth fund reflects the strength and consistency of that relationship,” said Allan Riska, Chief Investment Officer at KeyState. “Together, we’ve been able to bring institutional capital to high-quality community solar projects at meaningful scale. We’re pleased to deepen our partnership with Generate and continue investing in projects that deliver both compelling investment opportunities and tangible benefits for communities and ratepayers.”
Since entering the community solar market in 2017, Generate has built one of the leading community solar platforms in the industry. Its long-standing relationships with capital providers, developers and other partners have enabled Generate to deploy capital at scale while expanding access to distributed clean energy.
Willis Towers Watson served as the ITC insurance broker for the transaction. Holland & Knight represented Generate as legal counsel.
About Generate Capital
Generate Capital is an investor and operator providing reliable and affordable energy and infrastructure solutions to customers and communities. Founded in 2014, Generate develops, finances, builds, owns and operates critical infrastructure that helps customers access reliable power and essential services in an increasingly constrained world. With expertise across technologies and infrastructure sectors, Generate combines flexible capital with hands-on operating capabilities to deliver solutions tailored to customer needs. Since inception, Generate has raised more than $10 billion in capital and built a proven track record across critical infrastructure assets.
For more information, visit www.generatecapital.com
About KeyState and SOLCAP
KeyState helps community banks unlock earnings from unexpected places. Since 1991, KeyState has partnered with 150+ banks, delivering innovative investment structures that boost profitability. Through SOLCAP, its renewable energy tax equity and ITC transfer investment platform, KeyState syndicates investments from community and regional banks to finance renewable energy projects with leading developers. Launched in 2019, SOLCAP has deployed or committed over $1 billion in capital to develop 200+ renewable energy projects in communities across more than a dozen states.
For more information, please visit www.key-state.com or www.sol-cap.com
Contacts:
Investors:
Andrew Hughes
Investor Relations
Investorrelations@generatecapital.com
Media:
Tina Wadhwa
Marketing and Communications
press@generatecapital.com
