MIAMI, April 04, 2025 (GLOBE NEWSWIRE) -- SunRocket Capital, a structured finance partner to solar developers, is pleased to announce the closing of financing for a ground-mount community solar installation in Sidney, Maine (ME) with Novel Energy Solutions. The 1.93 MW (DC) project is in development and has qualified for Renewable Energy Credits (REC’s) and is the fifth Novel Energy Solutions project that SunRocket Capital has funded within the last several months.
“It is our mission to understand the needs of our client developers and to assure them that they have a financial partner that will close their construction to permanent loan needs,” said Derek Gabriel Sr., Head of Originations at SunRocket Capital. “We see Novel Energy Solutions as great partners and will always work diligently to meet the goals of our clients.”
The previous projects funded by SunRocket Capital for Novel Energy Solutions included four solar projects that are currently in various stages of development across Maine and Minnesota. With the fifth project in Sidney, ME, a combined total of over $28.8 million in funding has been deployed for Novel Energy Solutions community solar portfolio by the SunRocket Capital team. The financing for these projects will provide critical support as they transition from construction to operational status.
Among the projects funded are Swartley, Philbrick, and Lebanon located in Maine, and Hilde located in Minnesota. An additional Minnesota project will be added later this month. These projects will be completed by late 2025, with each set to come online within 12 months of their respective closing dates.
The closing of these deals builds on a strong history of collaboration between SunRocket Capital and Novel Energy Solutions, helping the developer achieve its ambitious goals of bringing clean, renewable energy to underserved regions. Their partnership has allowed Novel Energy Solutions to execute and finance projects at scale, creating sustainable energy solutions that benefit both local communities and the environment.
“SunRocket Capital was able to tailor and coordinate the debt financing to the needs of the project,” stated Matt Sullivan, Project Finance Director at Novel Energy Solutions. “They understood that sometimes development needs may change, especially with an evolving community solar pipeline. The ability to continuously meet the challenges of our portfolio requirements remains very appealing and makes for a strong team. That is why SunRocket Capital continues to stand out.”
About SunRocket Capital:
SunRocket Capital is a leading private lender specializing in financing commercial, industrial, and community solar projects. Led by an experienced team in solar development and structured finance, SunRocket Capital is dedicated to advancing sustainable initiatives by serving as a preferred capital source, including serving as a resource for tax equity investments as necessary, for developers and EPCs. The company’s core structured credit solution (SolarC2P™) is designed to support solar projects at or near NTP (Notice to Proceed), which is the time in a project’s life cycle when developers are prepared to purchase and install solar assets. Upon reaching commercial operation date (COD), developers benefit from a seamless conversion to term debt within the same loan structure, facilitating long-term ownership, operation, and portfolio-building.
For more information please visit: www.sunrocketcapital.com.
About Novel Energy Solutions:
Novel Energy Solutions is a growing solar development company headquartered in St. Paul, MN. The company was born out of a multi-generational farming family, leveraging this background and extensive relationship with farmers and landowners to acquire and develop solar sites within Minnesota that participate in the Xcel community solar program.
The company has expanded its development efforts into Iowa, Illinois, Colorado, and Maine. The company is vertically integrated and manages the EPC, procurement, O&M, subscriber, and asset management for its community solar installations.
For more information, please visit www.novelenergy.biz
For media inquiries, please contact: Noah Levine Marketing and Communications SunRocket Capital noah@sunrocketcapital.com
