Aligned Climate Capital announced that it has closed $33 million in construction financing for two community solar projects in Delaware through its Aligned Solar Partners 6 (ASP6) fund, with financing support provided by Live Oak Bank’s Renewable Energy Lending team.
The projects, Rifle Range Solar in Bridgeville and Delaware Avenue Solar in Harrington, are currently under construction and are participating in Delaware’s Community Energy Facility program. Under the program, at least 15% of subscribers must be low-income customers, helping expand access to renewable energy among underserved communities.
Together, the two facilities are expected to generate approximately 18.2 million kilowatt-hours of electricity annually, enough to supply power to an estimated 1,661 homes across Delaware. The projects were developed by ReWild Renewables and are being constructed by Solar Gaines. According to the companies, the developments are expected to support approximately 141 construction and installation jobs.
The financing marks a continuation of the relationship between Aligned Climate Capital and Live Oak Bank. The bank previously provided financing for six projects held in Aligned’s fifth infrastructure fund, Aligned Solar Partners 5, which included assets located in Maine and New Jersey.
Delaware Avenue Solar also qualifies for an enhanced federal Investment Tax Credit under the Inflation Reduction Act because the project is located in an Energy Community in Kent County, making it eligible for an additional 10% tax credit bonus tied to historical fossil fuel employment and elevated unemployment levels.
During development, the Delaware Avenue project underwent a redesign to preserve a pre-contact archaeological site identified during environmental reviews. Working alongside the Delaware State Historic Preservation Office, the U.S. Department of Agriculture, and tribal nations, Aligned and Solar Gaines implemented surface-ballasted racking, above-ground cable management, and ballasted fencing to avoid disturbing the site. According to the company, the USDA highlighted the approach as a potential model for future projects facing similar siting challenges.
Founded in 2019, Aligned Climate Capital manages approximately $2.2 billion in assets and focuses exclusively on investments supporting the clean energy transition. Through its Aligned Solar Partners platform, the firm invests in distributed solar, energy storage, and other clean energy infrastructure projects.
KEY QUOTES:
“These projects reflect why we continue to invest in the middle market of solar. Community solar is an important part of the nation’s energy infrastructure, delivering clean power close to the communities that use it. Live Oak Bank understands how to finance projects like these, and their support will help move Rifle Range Solar and Delaware Avenue Solar toward commercial operation.”
Peter Davidson, CEO of Aligned Climate Capital
“Live Oak Bank is proud to continue our work with Aligned and support community solar development in Delaware. These projects bring local jobs, carbon reduction and electricity savings to communities like Bridgeville and Harrington, and we are pleased to help move both sites toward commercial operation.”
Jennifer Williams, Managing Director of Renewable Energy Lending at Live Oak Bank
