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					</table><p><a href="https://www.38degreesn.com/" target="_blank" rel="noopener">38 Degrees North</a>, 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.</p>
<p>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.</p>
<p>“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.”</p>
<p>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.</p>
<p>Stoel Rives represented 38 Degrees North in the financing transaction, while Norton Rose Fulbright represented the lender group.</p>
<p>In June of this year, 38 Degrees North <a href="https://mercomcapital.com/38-degrees-north-acquires-104-mw-community-solar-projects/" target="_blank" rel="noopener">acquired</a> 104 MW of community solar projects in Illinois from Cypress Creek Energy. The companies said the acquisition expanded 38 Degrees North&#8217;s presence in Illinois.</p>
<p>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&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2026-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.</p>



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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-cypress-creek-secures-3-5-billion/" target="_blank" rel="noopener"><span style="text-decoration: underline;">Mercom Capital Group</span></a></strong></p>
<p><strong>Cypress Creek Energy, a solar and energy storage project developer, has <a href="https://mercomcapital.com/cypress-creek-secures-3-5b-steel-river-energy-project/" target="_blank" rel="noopener">secured</a> $3.5 billion in financing for the first two phases of the Steel River Energy Center</strong>, a three-phase solar and battery storage project in Arkansas, U.S. The first two phases will add 1.63 GW of solar capacity and 1.9 GWh of battery storage to the regional grid. The full project is expected to provide 2.45 GW of solar capacity and 2.9 GWh of battery storage by 2029, according to the company<strong>.</strong></p>
<p><strong>DRI, an Amsterdam-based European renewable energy developer and the European renewables arm of DTEK Group, has <a href="https://mercomcapital.com/dri-secures-127m-133-mw-battery-storage-project-poland/" target="_blank" rel="noopener">secured</a> approximately PLN 470 million (~$127.4 million) in</strong> non-recourse project financing for its 133 MW Trzebinia battery energy storage project in Poland. The facility will support the construction of the Trzebinia battery storage project in Poland’s Trzebinia district. The project is expected to begin operations early in 2027.</p>
<p><strong>Eiffel Investment Group</strong>, <strong>an independent asset manager, through its infrastructure funds, has <a href="https://mercomcapital.com/eiffel-investment-group-to-acquire-50-stake-in-solar-and-storage-portfolio/" target="_blank" rel="noopener">agreed</a> to acquire a 50% interest in a</strong> Norwegian portfolio from Landinfra Energy, a Nordic renewable energy developer. The portfolio comprises four projects located in the NO1 price area, with an aggregate planned capacity of approximately 886 MW of solar power and 177 MW of co-located battery storage.</p>
<p><strong>Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy developer, has <a href="https://mercomcapital.com/masdar-buys-stake-respsols-705-mw-renewables-portfolio/" target="_blank" rel="noopener">signed</a> an agreement to acquire a 49.99% stake </strong>in Madrid-based energy and petrochemical company Repsol’s 705 MW operational renewable energy portfolio in Spain. The transaction values the portfolio at €849 million (~$985 million). The agreement was signed in Abu Dhabi by Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and João Costeira, executive managing director of low-carbon generation at Repsol.</p>
<p><strong>38 Degrees North, a community solar and distributed renewable energy developer and operator, has <a href="https://mercomcapital.com/38-degrees-north-acquires-104-mw-community-solar-projects/" target="_blank" rel="noopener">acquired</a> 104 MW of community solar projects in</strong> Illinois from Cypress Creek Energy, an independent power producer. The portfolio comprises 16 advanced-stage projects across 14 counties in Illinois. The companies said the projects are expected to be placed in service by 2027. Additionally, 38 Degrees North said it is developing, acquiring, and constructing other community solar projects in Illinois.</p>
<p><strong> </strong></p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-esvolta-secures-450-million-upsized-credit-facility" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Cypress Creek Secures $3.5 Billion


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					</table><p><a href="https://www.38degreesn.com/" target="_blank" rel="noopener">38 Degrees North</a>, a community solar and distributed renewable energy developer and operator, has acquired 104 MW of community solar projects in Illinois from <a href="https://ccrenew.com/" target="_blank" rel="noopener">Cypress Creek Energy</a>, an independent power producer.</p>
<p>The portfolio comprises 16 advanced-stage projects across 14 counties in Illinois. The companies said the projects are expected to be placed in service by 2027. Additionally, 38 Degrees North said it is developing, acquiring, and constructing other community solar projects in Illinois.</p>
<p>The transaction expands 38 Degrees North’s presence in Illinois, which the companies described as a key U.S. market for community solar and energy storage. According to the announcement, Illinois added 349 MW of community solar capacity in 2025, ranking second in the U.S. for installations.</p>
<p>“38DN is deeply committed to collaborating with communities, developers, and capital partners to advance community solar in the U.S., and in particular, in critical markets like Illinois,” said Jake Carney, Co-Founder and Managing Director of 38DN. “Our platform is built to develop, acquire, finance, and operate distributed energy projects at scale, and this acquisition reflects this and our capabilities to support continued growth in this segment.”<br />
Cypress Creek Energy said it has developed more than 250 MW across more than 50 projects in the state. The transaction supports its strategy of building, owning, and operating utility-scale assets.</p>
<p>Previously, in March 2026, Cypress Creek Renewables <a href="https://mercomcapital.com/cypress-creek-acquires-2-5-gw-solar-project-2-9-gwh-energy-storage/" target="_blank" rel="noopener">acquired</a> the Steel River project from Swift Current Energy, a renewable energy project developer. The Steel River project, currently under development in Mississippi County, Arkansas, will have 2.45 GW of solar generation paired with 2.9 GWh (720 MW) of battery storage capacity.</p>
<p>The companies have worked together since 2018 and have previously acquired over 85 MW of community solar assets in New York.</p>
<p>According to Mercom’s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.</p>


38 Degrees North Acquires 104 MW of Community Solar Projects

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