PureSky refinances community solar, battery storage portfolio

PureSky Energy, a company that builds and runs community solar and battery storage projects, has refinanced its operating portfolio in a $183.7 million deal. Community solar lets people subscribe to a shared solar project and get credit on their electric bill, even if they can't put panels on their own roof. This news is about the company's financing, not a new program you can sign up for directly, but it points to where community solar is growing.

The refinanced projects cover 43 solar and storage sites in Massachusetts, New York and Minnesota, adding up to about 211 megawatts of solar and 58 megawatt-hours of battery storage. If you live in one of those states, this is the kind of project that might show up as a community solar subscription option in your area, since PureSky said the deal secures financing for the portfolio for the next decade, meaning these projects are set to keep operating.

The company also expanded its corporate credit line by $62 million, arranged by the bank Nomura, with investors including PGIM, AB CarVal and Denham Capital. PureSky said the money gives it more flexibility to keep building new solar and storage projects. The company has been active in the US since 2016 and now has roughly 300 megawatts of capacity either running or under construction across 63 sites. For homeowners, the takeaway is less about immediate savings and more a sign that community solar developers are lining up financing to expand, which could mean more subscription options down the road, especially in the states where PureSky already operates.