38 Degrees North, a community solar and distributed renewable energy developer and operator, has closed a $260 million financing facility with infrastructure finance platform Apterra Infrastructure Capital to support the construction of approximately 85 MW of community solar projects across New York and Illinois.

Apterra, an affiliate of Apollo, served as joint lead arranger, administrative agent, and sole bookrunner. Stifel and National Bank of Canada also served as joint lead arrangers, while BankUnited acted as collateral agent. Farmer Mac, Amalgamated Bank, and Siemens Financial Services participated as additional lenders. According to 38 Degrees North, the facility was oversubscribed.

“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. 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,” said Ryan Bennett, Partner at 38DN. “Combined with the HoldCo facility we announced with EIG last month, we have secured strong financial backing from highly sophisticated institutional capital partners. We are exceptionally well positioned to advance on the significant growth opportunity ahead.”

The financing follows a HoldCo facility that 38 Degrees North closed with EIG and announced in August 2026 to advance its development pipeline. 38 Degrees North said it has raised more than $1.7 billion in capital to date as it develops community solar and distributed generation projects across multiple markets.

Stoel Rives represented 38 Degrees North in the financing transaction, while Norton Rose Fulbright represented the lender group.

In June of this year, 38 Degrees North acquired 104 MW of community solar projects in Illinois from Cypress Creek Energy. The companies said the acquisition expanded 38 Degrees North’s presence in Illinois.

Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A Top of Formreport.