TRACK RECORD OF SUCCESSFUL TRANSACTIONS AND OPERATIONAL EXCELLENCE
2007-2015
2015
38 Degrees North is formed in Sausalito, California
FALL 2016
Close on first acquisition of 31 MW of Massachusetts community solar projects, purchased from Zero Point Development and Pro Tech Energy Solutions. Established a partnership with John Hancock Life Insurance as equity investor in the portfolio, whereby 38 Degrees North is the managing member of the investment fund vehicle with John Hancock further providing project debt.
Ryan Bennett, Jake Carney and Chris Bailey manage the project finance leadership organization of SunEdison and TerraForm Power, managing well over $8 billion of asset financings and enabling gigawatts of residential, commercial and utility scale project financings.
SUMMER 2017
Complete tax equity financing with Tax Equity Advisors on behalf of a Fortune 500 media corporation for the Massachusetts portfolio, which along with sponsor equity contributions represents over $100 million of equity financing.
FALL 2017
FALL 2018
Acquire 5 behind-the-meter battery storage projects from Advanced Microgrid Solutions. Transitioned operations management to EnelX in summer 2020.
Assist Advantage Capital on a 7 MW tax equity financing for a community solar project in Minnesota with SunShare Community Solar.
Team with Generate Capital on the acquisition of a 68 MW portfolio of New York community solar projects developed by Cypress Creek Renewables.
Assist a prominent Asian-owned developer with raising tax equity for a 15 MW portfolio of small utility scale projects in Indiana.
SPRING 2019
Team with Generate Capital on the acquisition of a + 70 MW portfolio developed by a major New York community solar developer.
FALL 2019
Close on first and second tax equity facilities for our New York community solar projects providing funding for 50 MW of projects.
SPRING 2020
SUMMER 2020
Additional purchase commitments with New York community solar partners, bringing portfolio potential to ~250 MW.
Close two back leverage debt facilities for our New York community solar projects with the New York Green Bank totaling $27mm.
FALL 2020
WINTER 2021
Close development capital facility with New York community solar developer to fund early and mid-stage project development.
Execution of $97mm tax equity fund with Starbucks Coffee Company enabling 90 MW of our New York community solar projects. Additional expansion of purchase commitments and development financings with New York partners.
SPRING 2021
2021 - FALL 2023
Closed 3 repeat tax equity transactions with single investor totaling nearly $150 million and executed on project debt facilities of nearly $140 of permanent debt. New York community solar portfolio reaches 300 MW across nearly 70 projects.
Enter into market leading community choice aggregation contract with Joule Community Power.
Execute purchase agreements with additional New York community solar developers, expanding footprint and pipeline in the state. Complete third portfolio debt financing with the New York Green Bank.