Sustainability Trends

On March 20, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $146 million of Senior Secured Credit Facilities supporting TigerGenCo’s utility-scale energy storage project, Bayonne Energy Center III. The Facilities include a $48.5 million construction-to-term loan, a $82.7 million tax credit bridge loan, and $14.8 million in letters of credit. Proceeds will be used to fund the project’s construction. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

Bayonne Energy Center III is a 50 MWAC/200 MWh battery energy storage project located in Hudson County, New Jersey. The Project has an executed power purchase agreement with ConEd to sell 100% of power and ancillary service credits. It will utilize Tesla MegaPack equipment and complement the existing natural gas plant co-located at the site. Operations are expected to begin in Q3 2027. 

This marks the third transaction between Morgan Stanley Infrastructure Partners and KBCM.

About TigerGenCo
TigerGenCo is an independent power producer that develops, owns, and operates natural gas and battery energy storage systems as a portfolio company of Morgan Stanley Infrastructure Partners (MSIP). MSIP's investment in TigerGenCo spans across Bayonne Energy Center project phases, which are key components of the energy infrastructure in New Jersey and New York City.

The current Bayonne Energy Center III is a 644 MW dual-fuel generating facility situated in Bayonne, New Jersey that is a best-in-class provider of capacity, energy and ancillary services, including critical grid reliability to NYISO, supporting renewable growth through its 10-minute start-up time. TigerGenCo is constructing one of the first utility-scale battery storage projects to serve NYISO Zone J (New York City).

In March 2026, KeyBanc Capital Markets acted as Active Joint Bookrunner on $1.2 billion of First Mortgage Bonds due 2036 and 2056 for Northern States Power Company Minnesota (“NSPM” or the “Company”). 

NSPM is an operating utility engaged primarily in the generation, purchase, transmission, distribution and sale of electricity in Minnesota, North Dakota, and South Dakota. As of December 31, 2025, the Company provided electric service to approximately 1.6 million customers and natural gas service to 0.6 million customers.

NSPM priced $1.2 billion of First Mortgage Bonds in two tranches:

• $600 million of First Mortgage Bonds due 2036 at a spread of T+75 bps for a coupon of 4.85%
• $600 million of First Mortgage Bonds due 2056 at a spread of T+85 bps for a coupon of 5.55%

The deal was very well received by the market, pricing with a negative new issue concession on both tranches and a 6.2x orderbook oversubscription overall.

The Company intends to use the net proceeds to repay short-term borrowings and for general corporate purposes.

NSPM is an existing client of Key.

On February 10, 2026, KeyBanc Capital Markets Inc. (KBCM) served as Joint Bookrunner on SOLV Energy, Inc.’s (SOLV or the Company) $589.4 million Initial Public Offering of 23,575,000 shares, including overallotment.

In support of the IPO, KBCM successfully closed the syndication of a $200 million Senior Secured Revolving Credit Facility (the Credit Facility) for SOLV Energy Acquisition, LLC, a subsidiary of SOLV. The Credit Facility will support the Company’s working capital and general corporate needs. KBCM acted as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent.

SOLV is a leading provider of engineering, procurement, and construction (EPC) services to build solar photovoltaic plants and energy storage facilities. The Company specializes in the installation and maintenance of solar farms, small rooftop panels, battery storage facilities, and high voltage substations, enabling organizations to transition towards clean and sustainable energy solutions. For more information, visit https://www.solvenergy.com. 

Founded in 1994, American Securities (the Sponsor) is a leading U.S. private equity firm that invests in North American companies, primarily in the industrial and services sectors. With $23 billion under management, American Securities partners with businesses generating $200 million to $2 billion in annual revenues, combining deep sector expertise, differentiated insights and proven internal capabilities to serve as transformational partners that drive growth and build enduring value. The Sponsor’s investment philosophy emphasizes capital preservation through disciplined investing and hands-on engagement, paired with repeatable value creation processes and operational excellence. American Securities is based in New York with an office in Shanghai. For more information, please visit https://www.american-securities.com.

On February 6, 2026, KeyBanc Capital Markets (KBCM) acted as Joint Lead Placement Agent for the issuance of $601.9 million of privately placed, amortizing Senior Secured Notes for Gemini, managed by a subsidiary of Primergy Solar LLC (Primergy).

KBCM acted as Joint Lead Placement Agent, Notes Agent, Depositary Agent and Collateral Agent on a Private Placement Offering for Gemini Class B LLC. For the Letter of Credit facility which accompanies the Private Placement, KBCM is a Collateral Agent and an LC issuer.

Project Description
Comprised of a 690 MWac/1,406 MWh solar and battery energy storage system (BESS) located in Clark County, Nevada, the Project is among the world’s largest operating co-located PV solar and BESS projects. Revenue for the Project is fully contracted through a 25-year busbar PPA and a 10-year Production Tax Credit offtake agreement.

The proceeds from the transaction are being used to repay the construction-to-term bank facility, where KBCM served as the Coordinating Lead Arranger. Primergy and Quinbrook Infrastructure Partners (Quinbrook) have had a long-standing relationship with KBCM, as demonstrated by 10 completed transactions involving Quinbrook platform companies and four directly sponsored by Primergy.

About Primergy Solar LLC
Primergy is a developer, owner and operator of solar and BESS projects across North America, with over 1,200 MW of solar projects and 1,520 MWh of BESS projects in operation and a development pipeline totaling over 20 GW. Primergy is owned by Quinbrook Infrastructure Partners, a specialist infrastructure investment manager with over $6.5 billion under management that focuses on low-carbon infrastructure investments in North America, the U.K./Ireland and Australia. Gemini is owned 51% by Quinbrook’s Valley of Fire Continuation Fund LP and 49% by APG, a Dutch public pension fund with over $600 billion of assets under management.

On November 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $1.05 billion of Senior Secured Credit Facilities (the Facilities) for Apex Clean Energy (Apex). The Facilities are comprised of a $500 million Term Loan Facility, a $400 million Letter of Credit Facility, and a $150 million Revolving Credit Facility. Proceeds will be used to fund Apex’s next phase of growth. KBCM acted as Coordinating Lead Arranger.

Apex Clean Energy Overview
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, development, construction, and operation of utility-scale wind, solar, and storage facilities and distributed energy resources, Apex is expanding the renewable frontier across the United States. The company’s mission-driven team uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers.

KeyBanc Capital Markets, Inc. (KBCM) served as Financial Advisor to Cypress Creek Renewables on its sale of 139 MW of operating solar assets to GoodFinch Management and 36 MW of late-stage development assets to Dimension Renewable Energy. The process resulted in two separate transactions which closed in July and December 2025.

Transaction Overview
KBCM was retained by Cypress Creek Renewables to market its distributed generation solar development and operating portfolio. Despite significant uncertainty surrounding renewable energy policy in 2025, KBCM was able to engage with top-tier investors and generate several competitive offers, driving strong pricing tension. KBCM actively supported CCR throughout the process, negotiating with investors and ultimately delivering two successful transactions for the development and operating portfolios.

Cypress Creek Renewables Overview
Cypress Creek Renewables (CCR) is an independent power producer and leading renewable energy platform headquartered in Santa Monica, California. Since its inception in 2014, CCR has invested more than $3.5 billion into its projects and has successfully commercialized more than 850 solar and storage projects (15 GW) across 22 states. The company currently has one of the largest U.S. solar and storage portfolios, with 3.4 GW of operating and under-construction assets. CCR’s operations and maintenance platform, Cypress Creek Solutions, provides, operates and maintains more than 500 project sites across 23 states, totaling nearly 5 GW.

GoodFinch Management Overview
Founded in 2020, GoodFinch Management is a clean-energy-focused asset management company based in San Francisco, California. GoodFinch invests across residential and commercial solar, utilizing deep experience in structured finance and asset-backed securitizations. The firm holds $1 billion in assets under management within its credit funds. and over the last four years, GoodFinch has deployed capital into $3 billion of assets providing clean energy.

Dimension Renewable Energy Overview
Dimension Renewable Energy is a developer, owner, and operator of renewable community solar and distributed generation projects in the U.S. Dimension is currently investing $4 billion over five years into a portfolio of more than 3.5 GW of community solar and storage assets across 14 states.

KeyBanc Capital Markets, Inc. served as exclusive financial advisor to Greenbacker Renewable Energy Corporation (Greenbacker) on the sale of a diversified operating portfolio of distributed generation (DG) solar and storage assets (the Portfolio) to Altus Power, Inc. Representing one of the largest operating DG portfolios marketed in recent years, the Portfolio includes 237 MW across 101 ground mount, rooftop, and carport sites located in 18 states.

Greenbacker Overview
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. The company also provides investment management services to other renewable energy investment vehicles. Greenbacker seeks to acquire and operate high-quality projects that sell clean power under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations. As a long-term owner-operator, Greenbacker strives to be a good steward of the land and a responsible member of the communities in which it operates. 

Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. The company believes its focus on power production and asset management creates value that can be passed on to shareholders — while facilitating the transition toward a clean energy future.

Altus Power Overview
Altus Power is a leading Independent Power Producer focused on the ownership, operation, and optimization of distributed solar generation assets across the United States. The company operates over one gigawatt of distributed generation assets, including rooftop, ground-mounted, and carport solar systems that serve commercial, industrial, municipal, and community solar customers. Backed by TPG, a global investment firm, Altus Power benefits from significant institutional support and access to capital. The company’s vertically integrated platform, experienced management team, and focus on high-quality distributed generation assets position it as a scaled consolidator and long-term owner within the U.S. solar market.

In December 2025, Wisconsin Electric Power successfully priced $300 million of Debentures maturing in 2029 at a spread of T+42 basis points, with a coupon of 3.950%. The transaction was well received by the market, achieving a minimal new issue concession and an orderbook oversubscription of 5.7 times, significantly exceeding the year-to-date average of 3.9 times. The differential between initial price guidance and final pricing was 28 basis points, which is also above the year-to-date average.

Similarly, in September 2025, the company priced $500 million of Debentures due 2030 at a spread of T+50 basis points for a coupon of 4.150%. This issuance also garnered strong market interest, pricing without a new issue concession and attracting an orderbook oversubscription of 4.9 times. The differential from initial price talk to final pricing reached 30 basis points, surpassing year-to-date averages.

KeyBanc Capital Markets served as Active Joint Bookrunner on both transactions. Proceeds from these offerings are intended to be used to repay existing short-term debt and for general corporate purposes.

About Wisconsin Electric Power Company
Wisconsin Electric Power Company (WEPCO) is a public utility that generates and distributes electricity and distributes and transports natural gas to retail customers in southeastern Wisconsin, including the Milwaukee area, east central Wisconsin, and northern Wisconsin. WEPCO provides wholesale electric service to various customers, including electric cooperatives, municipal joint action agencies, investor-owned utilities, etc. The company serves roughly 1.2 million electric customers and 0.5 million natural gas customers. WEPCO operates as a subsidiary of WEC Energy Group.

On December 17, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $66.5 million of Senior Secured Credit Facilities (the Facilities) in support of Cenergy Power (Cenergy), their IL Grounded III portfolio (the Portfolio) and in collaboration with ESP Solar LLC and Grounded ESP III LLC. The Facilities total a $26.2 million construction-to-term loan, $38.6 million in aggregate bridge loans, and $1.7 million in letters of credit, which will be utilized to fund the Portfolio’s construction costs. KBCM acted as Coordinating Lead Arranger, Depositary Agent, Collateral Agent, and Administrative Agent.

The Portfolio comprises four Illinois community solar assets totaling 20 MW across the Ameren and ComEd utility zones. All projects received the IL Shines REC awards and are expected to reach commercial operations in 2026.

This represents the second financing transaction between KBCM and Cenergy.

About Cenergy Power
Based in California, Cenergy is a leading national commercial solar developer with over 450 MWs of solar experience working with local communities and businesses.

KeyBanc Capital Markets, Inc. (KBCM) served as exclusive financial advisor to BluePath Finance, Inc. (BluePath) on its corporate and project-level investment from TWG Global. The transaction closed on December 5, 2025.

KBCM was retained by BluePath to raise corporate capital to support and accelerate the company’s development of its distributed generation and community solar and storage pipelines. KBCM ran a two-phase process that produced multiple competitive offers for BluePath. Despite significant uncertainty around renewable energy policy through 2025, KBCM assisted BluePath in identifying, selecting, and executing a transaction with TWG Global, a financial investor with strategic alignment to support the company’s capital needs on a go-forward basis.

About BluePath Finance, Inc.
BluePath is a national distributed generation and community solar platform. Founded in 2012, BluePath originally served as a debt financier for Energy Service Companies (“ESCOs”) and developers as they developed renewable energy projects. In 2019, the company pivoted to an aggregator model, partnering with ESCOs and developers to purchase, finance, construct, and own renewable projects across the country. To date, the company has amassed an operating and under-construction portfolio of 200 MWs across 11 states, with a near-term pipeline of ~500 MWs diversified across technologies and markets.

On November 21, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $594.7 million of Senior Secured Credit Facilities for Clearway Energy Group’s (CEG or the Sponsor) Rosamond South II and Spindle (the Projects), two utility-scale battery energy storage systems in Kern County, California and Weld County, Colorado. The Facilities are comprised of a $242 million dollar construction-to-term loan, a $262 million dollar tax equity bridge loan, a $17.6 million dollar cash equity bridge loan, and $73.1 million in letters of credit. Proceeds will be used to fund the construction and operating periods of the Projects. KBCM acted as Joint Lead Arranger, Administrative Agent, Collateral Agent, and Depository Bank.

The Projects consist of a combined 291 MW/958 MWh in the CAISO and WECC power markets and will generate revenue through 15- and 20-year power purchase agreements with an investment-grade utility and the Public Service Company of Colorado.

This represents the 22nd transaction between CEG and KBCM, and the fifth transaction in 2025.

About Clearway Energy Group
Clearway Energy Group’s vision is a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., our portfolio comprises over 13 GW of gross generating capacity in 27 states, including over 2.8 GW of flexible dispatchable power generation, 10.3 GW of battery energy storage, solar, and wind assets providing critical grid reliability services. As we develop a nationwide pipeline of new energy projects for the future, Clearway’s operating fleet generates enough reliable electricity to power more than 2 million homes today. Clearway Energy Group is headquartered in San Francisco with offices in Denver, Houston, Phoenix, Princeton, and San Diego. For more information, visit https://www.clearwayenergygroup.com.

On October 14, 2025, KeyBanc Capital Markets Inc. (KBCM) closed $75 million in Senior Secured Credit Facilities for Lightshift Energy’s battery energy storage systems (BESS) portfolio of six operating and 10 construction-ready projects. This financing, which includes a term loan, construction-to-term loan, and tax equity bridge loan, will help strengthen and accelerate Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.

The portfolio includes 16 battery energy storage projects, totaling 88 MW and 384 MWh in capacity, with installations located in Massachusetts (27 MW), Vermont (19 MW), and Virginia (42 MW). These construction-ready projects are expected to reach commercial operation during the second half of 2026. Revenue will be generated through energy storage service agreements with public power utilities and an industrial client.

This marks the second transaction in 2025 with Lightshift Energy. Earlier in June, KeyBanc Capital Markets served as exclusive financial advisor for Lightshift’s development capital raise from Aiga Capital Partners. 

About Lightshift Energy
Lightshift is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects, located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located.