SunRocket Capital, a structured finance partner for solar developers, has completed financing for a 1.93 MW community solar installation in Sidney, Maine. The project, developed by Novel Energy Solutions, is the fifth one financed by SunRocket for the company in recent months. This installation, along with the four others, brings SunRocket’s total funding commitment to over $28.8 million. The community solar projects are expected to be operational by late 2025, with each installation becoming active within 12 months of closure.
The partnership between SunRocket Capital and Novel Energy Solutions has enabled the development company to scale its operations effectively, bringing clean and renewable energy to underserved regions. SunRocket’s financing plays a vital role in facilitating the transition from construction to operational stages. The company tailors its debt financing to meet the changing needs of the project, which is essential for Novel Energy Solutions’ evolving community solar pipeline.
Derek Gabriel Sr., Head of Originations at SunRocket Capital, and Matt Sullivan, Project Finance Director at Novel Energy Solutions, have expressed their satisfaction with the partnership. Gabriel highlighted the company’s commitment to supporting client developers by providing a financial partner that can close construction to permanent loan needs. Sullivan praised SunRocket for its adaptability and ability to meet the changing needs of the project requirements.
Through their collaboration, SunRocket Capital and Novel Energy Solutions aim to contribute to the creation of sustainable energy solutions that support local communities and the environment. The successful closing of the Sidney project further strengthens their partnership, which has made a significant impact on the renewable energy landscape in Maine and Minnesota. With their combined efforts, they continue to drive the adoption of clean energy and support the growth of the community solar sector.