38 Degrees North, a community solar and distributed renewables platform, and EIG, an institutional investor in the global energy and infrastructure sectors, have closed a new debt facility to strengthen 38DN’s ongoing project acquisitions, advance late-stage developments, and support continued portfolio growth.
Demand for community solar and distributed energy solutions is surging as AI-driven load growth, aging grid infrastructure, and extreme weather drive up electricity costs. 38DN’s decentralized systems ease grid strain, deliver direct savings opportunities to customers, and build localized resilience. The financing will advance the company’s development pipeline and near-term acquisitions, with the ability to expand as new opportunities arise.
In July 2025, 38DN announced an equity investment from Climate Adaptive Infrastructure, Kimmeridge, and existing investor S2G Investments. The new debt facility from EIG brings the company’s total growth capital raised to more than $300 million to date. Founded in 2015, 38 Degrees North has more than 100 projects and 500 MW under construction or operating, with an advanced pipeline of more than 250 MW planned for construction over the next 24 months.
EIG is a leading institutional investor in the global energy and infrastructure sectors with $27.1 billion in assets under management as of June 30, 2026. Over its 44-year history, EIG has committed more than $55 billion to the energy sector through 429 projects or companies in 44 countries across six continents.
KEY QUOTES:
“This investment strengthens our ability to execute on our large development-stage and construction-ready portfolio, as well as new opportunities we are evaluating. As with our equity investors, EIG is a partner we will grow with as the market opportunity presents. EIG is a highly experienced and thoughtful investor. Their confidence in our business is a meaningful validation of the platform we have built, our execution capabilities, our stability as a middle-market independent power producer, and where we are headed.”
Ryan Bennett, Partner, 38 Degrees North
“We are pleased to partner with 38 Degrees North, a highly regarded developer and asset aggregator with significant experience in distributed solar. This transaction reflects EIG’s continued commitment to supporting experienced management teams and investing in energy transition infrastructure needed to meet today’s electricity demands. We believe 38 Degrees North has built a differentiated platform and is well positioned for continued growth, and we look forward to supporting the company as it advances its development pipeline.”
Shalin Parikh, Head of Energy Transition, Americas, EIG
