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<a href="https://powerbankcorp.com/" target="_blank" rel="noopener">PowerBank</a>, an independent renewable energy power producer specializing in distributed solar and battery energy storage system projects, has announced the sale of its Elmira, Jordan Road 1, and Jordan Road 2 solar projects with a combined capacity of 16.87 MW. Solar Advocate Development acquired the projects for the total consideration of $41 million.
The projects have already completed the interconnection agreements with utility partners and also secured all necessary permits from local authorities. Engineering, procurement, and construction agreements were executed on December 19, 2025, under which PowerBank will deliver the projects on a turnkey basis through to commercial operation.
The projects are being developed as ground-mounted solar facilities for the community solar market, a fast-growing segment that expands access to clean energy for residential and small business customers. Through the community solar model, the projects will supply renewable electricity benefits to multiple subscribers within their respective local utility service areas.
Dr. Richard Lu, CEO of PowerBank, commented: &#8220;This transaction represents a pivotal moment in PowerBank&#8217;s evolution. Since 2018, we have built a trusted partnership with Solar Advocate Development, and these three projects mark our eleventh successful collaboration. What makes this particularly strategic is our ability to capitalize on accelerated construction timelines created by the One Big Beautiful Bill Act. While our core focus remains building our Independent Power Producer portfolio for long-term value creation, we&#8217;re selectively monetizing development assets where market conditions are optimal. This transaction exemplifies that strategy—converting development expertise into immediate capital that directly funds our IPP growth trajectory.&#8221;
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.
In December, BayWa r.e., a renewable energy project developer, along with its Dutch subsidiary GroenLeven, <a href="https://cms.mercomindia.com/baywa-r-e-sells-46-mw-floating-solar-project/" target="_blank" rel="noopener">announced</a> the completion of the sale of a 46 MW floating solar project in Friesland, the Netherlands.

PowerBank Sells 16.87 MW of Solar Projects

<a href="https://www.pivotenergy.net/" target="_blank" rel="noopener">Pivot Energy</a>, a renewable energy provider and independent power producer, announced three financing agreements totaling $225 million.
The three financing agreements include a $170 million upsized existing construction warehouse facility with ATLAS and First Citizens Bank providing the funding to support the development of a new portfolio of approximately 60 community solar projects totaling 225 MW in Illinois, Colorado, Maryland, Virginia, New York, Pennsylvania, Delaware, Michigan, and California.
Another $40 million equipment facility with First Citizens, supporting purchases of domestically made solar panels from Silfab Solar, and a $15 million corporate financing facility with Comerica Bank.
&#8220;We deeply appreciate the expanded commitments from ATLAS, First Citizens, and Comerica, proving the benefit of strong partnerships and that the momentum is strong for the renewable energy industry,&#8221; said Tom Hunt, CEO of Pivot Energy. &#8220;Pivot Energy continues to show its strength in its strategic diversity and plans to keep growing and building distributed generation projects that contribute to a reliable electricity grid, help lower electricity prices, and meet energy demand across the country.&#8221;
The announcement builds on Pivot&#8217;s $450 million debt warehouse facility secured last year, led by First Citizens and ATLAS. These latest agreements bring Pivot Energy&#8217;s total financing to $435 million in 2025.
&#8220;We are pleased to continue to build upon our relationship with Pivot Energy,&#8221; said Mike Lorusso, Head of First Citizens Bank&#8217;s Energy Finance business. &#8220;Our team worked collaboratively to significantly expand the construction warehouse we closed last year, while structuring a long-term equipment financing facility that secures Pivot&#8217;s access to safe-harbored investment tax credits for years to come. With this latest financing, Pivot is well-positioned to accelerate growth and confidently execute its renewable energy pipeline.&#8221;
According to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In December, Origis Energy, a U.S.-based renewable energy company, <a href="https://mercomcapital.com/origis-energy-secures-290-million-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> $290 million for the Swift Air Solar II and Swift Air Solar III projects in Ector County, Texas. The two projects have a total capacity of 313 MW.

Pivot Energy Secures Over $225 Million for Community Solar Projects

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					</table>The U.S. community solar market installed a record-breaking 1.7 GW of capacity in 2024, a 35% increase from 2023, according to a new report by <a href="https://woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a> in collaboration with the Coalition for Community Solar Access (<a href="https://communitysolaraccess.org/" target="_blank" rel="noopener">CCSA</a>).
The report said long-term growth of the community solar market, however, hangs in the balance because of the policy uncertainty in the U.S.
New York, Maine, and Illinois led the growth, with all three states breaking annual records and accounting for 83% of national volumes. Cumulative community solar installations are now at 8.6 GW.
Community solar refers to local solar facilities shared by multiple community subscribers that receive credits on electricity bills for their share of the energy produced.
A report by Wood Mackenzie and CCSA in mid-2023 <a href="https://www.mercomindia.com/despite-headwinds-poised-to-surpass-6-gw-in-2023" target="_blank" rel="noopener">indicated</a> strong headwinds for the sector because of supply chain challenges.
According to another report by Wood Mackenzie and Solar Energy Industries Association, the U.S. solar industry <a href="https://www.mercomindia.com/solar-additions-us-q3-2024" target="_blank" rel="noopener">installed</a> 8.6 GW capacity in Q3 2024, a 21% year-over-year increase but a 13% decline from the previous quarter.
Caitlin Connelly, research analyst and lead author of the report stated that despite impressive 2024 installation volumes, the top state markets are saturating quickly and will not be able to sustain the same levels of growth long-term. She said, “Additionally, emerging markets have been slow to ramp up, and program size caps limit the potential for growth in these states to make up for declines in larger markets.”
In Wood Mackenzie’s base case, national community solar growth will contract 8% annually on average through 2029, culminating in over 15 GW of cumulative installed community solar projects. However, depending on how policy changes and interconnection reform materialize, the growth outlook could vary greatly.
The new U.S. administration has fueled extreme uncertainty in the solar sector, but material actions so far have resulted in minimal changes to the base case outlook.
“However, in a low case representing an extreme downside scenario, our five-year outlook contracts 40% compared to the base case. By contrast, business as usual at the federal level and rapidly improving state policy and interconnection conditions result in a high case outlook 37% higher than the base case,” Connelly added.
Market Expansion
The report said community solar could receive a boost from new state markets that have proposed legislation for the sector. Legislation in Pennsylvania, Ohio, Missouri, Iowa, Georgia, Washington, and Wisconsin has progressed, signaling strong bipartisan support and the potential for new market expansion. If these legislations pass, new community solar state markets have the potential to boost base case outlook by at least 16% by 2029.
Community solar capacity directly serving low-to-moderate income (LMI) subscribers is concentrated in New York and Massachusetts. The two states comprise 49% of the 1 GW of LMI-serving community solar. LMI subscribers make up 14% of the total deployed community solar capacity.
Stricter LMI subscriber requirements in emerging state markets will result in LMI capacity making up nearly 18% of total community solar capacity by 2026.
The top five community solar installers secured 19% of the market in 2024, down from 25% in 2023. The competitive landscape for asset owners is significantly more exclusive, dominant, and region-specific than that of community solar installers. The top 10 community solar asset owners secured 54% of capacity installed in 2024 and 40% of cumulative capacity. Top asset owners include Nexamp, AES Clean Energy, and Nautilus Solar.
Jeff Cramer, President and CEO, CCSA, said, “Community solar’s record-breaking growth in 2024 is a clear sign that demand for affordable, distributed energy is stronger than ever.”

Record 1.7 GW Community Solar Added in the U.S. in 2024; Long-Term Growth Uncertain

<a href="https://radialpower.com/" target="_blank" rel="noopener">Radial Power,</a> a developer-owner-operator of distributed clean energy assets across large real estate portfolios, secured $80 million in tax equity financing from Bank of America to fund developing and installing 96 MW commercial and industrial (C&amp;I) and community solar projects across the U.S.
The company will use the funding to support its pipeline of distributed generation projects through late 2024, encompassing both asset and portfolio-level turn-key integrated C&amp;I and community solar solutions.
This deal marks the inaugural tax equity financing Radial Power has closed with Bank of America, a leader in renewable energy tax equity financing with a portfolio of approximately $13.5 billion at the end of 2022.
Bank of America&#8217;s investments have contributed to the development of approximately 40.7 GW of total installed renewable (wind and solar) energy capacity in the U.S.
&#8220;We are proud to support Radial Power in this latest milestone. The tax equity transaction underscores Bank of America&#8217;s commitment to mobilize and deploy $1.5 trillion in sustainable finance capital by 2030 and to support the scalable and affordable delivery of clean, local power to communities, businesses, and individuals,&#8221; said Danielle King, Director in the Global Sustainable Finance Group at Bank of America.
Latham &amp; Watkins acted as legal counsel to Radial and Milbank to Bank of America.
According to Mercom&#8217;s 9M and Q3 2023, Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a> announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.
Audax Renovables, a vertically integrated Spanish energy group that generates energy from renewable sources, <a href="https://cms.mercomindia.com/audax-renovables-secures-financing-solar-portfolio/" target="_blank" rel="noopener">recently</a> secured institutional financing of €66 million (~$71.17 million) to construct a portfolio of 12 solar projects totaling 141 MW in Spain. The financing for the solar projects led by the European Investment Bank (EIB) will also promote the commissioning of the solar portfolio.

Radial Power Secures $80 Million for Community Solar Projects

<a href="https://aspenpower.com/" target="_blank" rel="noopener">Aspen Power</a>, a distributed generation platform with the dual mission of accelerating and democratizing decarbonization, acquired a portfolio of 15 ground-mounted community solar projects totaling 37 MW in Maine. The projects, ranging from 1.4 MW to 7 MW, are located across the state, from the southern region through Bangor.
One of the projects in Berwick, Maine, has already reached commercial operation, with a capacity of 2.36 MW solar generation, and is expected to produce enough electricity to prevent nearly 2,200 metric tons of CO2 from entering the atmosphere every year. That is the equivalent of 4,500 barrels of oil consumed or 380 homes of electricity use annually. Community solar subscribers in the state will use the energy produced by all the projects and support Maine&#8217;s goal of achieving 80% renewable energy by 2030.
&#8220;We are proud to be a part of Maine&#8217;s renewable energy transition and are committed to providing clean and sustainable energy solutions to our communities,&#8221; said Dan Gulick, Senior Vice President of Aspen Power. &#8220;We believe that acquiring these solar projects is an important step towards achieving that goal, and we look forward to bringing all of them online to benefit the communities they serve.&#8221;
&#8220;We are thrilled to have found a partner in Aspen Power who shares our vision for clean energy and sustainable communities. We look forward to seeing these projects come to fruition under their leadership,&#8221; said Clarke Fenner, the original developer of Aspen&#8217;s Maine portfolio and CEO of Senergy Solar Development.
According to Mercom&#8217;s Q1 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, there were 67 large-scale solar project acquisitions (13 disclosed for $3.6 billion) in Q1 2023, compared to 61 transactions (12 disclosed for $3.2 billion) in Q4 2022.
Ib vogt, a renewable energy project developer, <a href="https://cms.mercomindia.com/ib-vogt-sells-solar-project-spain/" target="_blank" rel="noopener">recently</a> agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. The Garnacha solar power project is located in the province of Zamora in Spain and is currently in an advanced stage of construction. Commercial operation is expected to begin by the end of 2023.

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