Sustainability Trends

On November 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $1.05 billion of Senior Secured Credit Facilities (the Facilities) for Apex Clean Energy (Apex). The Facilities are comprised of a $500 million Term Loan Facility, a $400 million Letter of Credit Facility, and a $150 million Revolving Credit Facility. Proceeds will be used to fund Apex’s next phase of growth. KBCM acted as Coordinating Lead Arranger.

Apex Clean Energy Overview
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, development, construction, and operation of utility-scale wind, solar, and storage facilities and distributed energy resources, Apex is expanding the renewable frontier across the United States. The company’s mission-driven team uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers.

KeyBanc Capital Markets, Inc. served as exclusive financial advisor to Greenbacker Renewable Energy Corporation (Greenbacker) on the sale of a diversified operating portfolio of distributed generation (DG) solar and storage assets (the Portfolio) to Altus Power, Inc. Representing one of the largest operating DG portfolios marketed in recent years, the Portfolio includes 237 MW across 101 ground mount, rooftop, and carport sites located in 18 states.

Greenbacker Overview
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. The company also provides investment management services to other renewable energy investment vehicles. Greenbacker seeks to acquire and operate high-quality projects that sell clean power under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations. As a long-term owner-operator, Greenbacker strives to be a good steward of the land and a responsible member of the communities in which it operates. 

Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. The company believes its focus on power production and asset management creates value that can be passed on to shareholders — while facilitating the transition toward a clean energy future.

Altus Power Overview
Altus Power is a leading Independent Power Producer focused on the ownership, operation, and optimization of distributed solar generation assets across the United States. The company operates over one gigawatt of distributed generation assets, including rooftop, ground-mounted, and carport solar systems that serve commercial, industrial, municipal, and community solar customers. Backed by TPG, a global investment firm, Altus Power benefits from significant institutional support and access to capital. The company’s vertically integrated platform, experienced management team, and focus on high-quality distributed generation assets position it as a scaled consolidator and long-term owner within the U.S. solar market.

In December 2025, Wisconsin Electric Power successfully priced $300 million of Debentures maturing in 2029 at a spread of T+42 basis points, with a coupon of 3.950%. The transaction was well received by the market, achieving a minimal new issue concession and an orderbook oversubscription of 5.7 times, significantly exceeding the year-to-date average of 3.9 times. The differential between initial price guidance and final pricing was 28 basis points, which is also above the year-to-date average.

Similarly, in September 2025, the company priced $500 million of Debentures due 2030 at a spread of T+50 basis points for a coupon of 4.150%. This issuance also garnered strong market interest, pricing without a new issue concession and attracting an orderbook oversubscription of 4.9 times. The differential from initial price talk to final pricing reached 30 basis points, surpassing year-to-date averages.

KeyBanc Capital Markets served as Active Joint Bookrunner on both transactions. Proceeds from these offerings are intended to be used to repay existing short-term debt and for general corporate purposes.

About Wisconsin Electric Power Company
Wisconsin Electric Power Company (WEPCO) is a public utility that generates and distributes electricity and distributes and transports natural gas to retail customers in southeastern Wisconsin, including the Milwaukee area, east central Wisconsin, and northern Wisconsin. WEPCO provides wholesale electric service to various customers, including electric cooperatives, municipal joint action agencies, investor-owned utilities, etc. The company serves roughly 1.2 million electric customers and 0.5 million natural gas customers. WEPCO operates as a subsidiary of WEC Energy Group.

On December 17, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $66.5 million of Senior Secured Credit Facilities (the Facilities) in support of Cenergy Power (Cenergy), their IL Grounded III portfolio (the Portfolio) and in collaboration with ESP Solar LLC and Grounded ESP III LLC. The Facilities total a $26.2 million construction-to-term loan, $38.6 million in aggregate bridge loans, and $1.7 million in letters of credit, which will be utilized to fund the Portfolio’s construction costs. KBCM acted as Coordinating Lead Arranger, Depositary Agent, Collateral Agent, and Administrative Agent.

The Portfolio comprises four Illinois community solar assets totaling 20 MW across the Ameren and ComEd utility zones. All projects received the IL Shines REC awards and are expected to reach commercial operations in 2026.

This represents the second financing transaction between KBCM and Cenergy.

About Cenergy Power
Based in California, Cenergy is a leading national commercial solar developer with over 450 MWs of solar experience working with local communities and businesses.

On November 21, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $594.7 million of Senior Secured Credit Facilities for Clearway Energy Group’s (CEG or the Sponsor) Rosamond South II and Spindle (the Projects), two utility-scale battery energy storage systems in Kern County, California and Weld County, Colorado. The Facilities are comprised of a $242 million dollar construction-to-term loan, a $262 million dollar tax equity bridge loan, a $17.6 million dollar cash equity bridge loan, and $73.1 million in letters of credit. Proceeds will be used to fund the construction and operating periods of the Projects. KBCM acted as Joint Lead Arranger, Administrative Agent, Collateral Agent, and Depository Bank.

The Projects consist of a combined 291 MW/958 MWh in the CAISO and WECC power markets and will generate revenue through 15- and 20-year power purchase agreements with an investment-grade utility and the Public Service Company of Colorado.

This represents the 22nd transaction between CEG and KBCM, and the fifth transaction in 2025.

About Clearway Energy Group
Clearway Energy Group’s vision is a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., our portfolio comprises over 13 GW of gross generating capacity in 27 states, including over 2.8 GW of flexible dispatchable power generation, 10.3 GW of battery energy storage, solar, and wind assets providing critical grid reliability services. As we develop a nationwide pipeline of new energy projects for the future, Clearway’s operating fleet generates enough reliable electricity to power more than 2 million homes today. Clearway Energy Group is headquartered in San Francisco with offices in Denver, Houston, Phoenix, Princeton, and San Diego. For more information, visit https://www.clearwayenergygroup.com.

On October 14, 2025, KeyBanc Capital Markets Inc. (KBCM) closed $75 million in Senior Secured Credit Facilities for Lightshift Energy’s battery energy storage systems (BESS) portfolio of six operating and 10 construction-ready projects. This financing, which includes a term loan, construction-to-term loan, and tax equity bridge loan, will help strengthen and accelerate Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.

The portfolio includes 16 battery energy storage projects, totaling 88 MW and 384 MWh in capacity, with installations located in Massachusetts (27 MW), Vermont (19 MW), and Virginia (42 MW). These construction-ready projects are expected to reach commercial operation during the second half of 2026. Revenue will be generated through energy storage service agreements with public power utilities and an industrial client.

This marks the second transaction in 2025 with Lightshift Energy. Earlier in June, KeyBanc Capital Markets served as exclusive financial advisor for Lightshift’s development capital raise from Aiga Capital Partners. 

About Lightshift Energy
Lightshift is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects, located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located.

In September 2025, we served as Active Joint Bookrunner on Interstate Power & Light’s (IPL) issuance of $300 million Senior Debentures due October 1, 2055, with a 5.6% coupon. IPL, a wholly owned subsidiary of Alliant Energy Corporation, is a public utility serving Iowa with electricity and natural gas. It provides electric service to about 500,000 customers and 230,000 natural gas customers.

IPL intends to use the net proceeds to reduce outstanding capital under their receivables purchase and sale program, to reduce outstanding commercial paper, and/or for general corporate purposes. KeyBanc Capital Markets served as Active Joint Bookrunner.

On August 27, 2025, KeyBanc Capital Markets Inc. successfully closed on an $800 million senior secured facility (the Facility) supporting Madison Energy Infrastructure. The construction-to-term Facility will support the expansion and deployment of clean energy infrastructure to customers and partners across the U.S. The Facility positions Madison to meet rapidly growing customer demand as the company advances toward 1 GW of operating capacity. 

About Madison Energy Infrastructure
Madison Energy Infrastructure is building a leading clean energy ecosystem to deliver operational value, certainty, and sustainability to businesses, organizations, and communities. Our robust portfolio is bolstered by the strength of EQT and our globally renowned capital partners. With a proven track record of successfully executing hundreds of projects, we are unwaveringly focused on exceeding expectations and achieving meaningful results for our partners and customers.

In April 2024, Southwest Gas (NYSE: SWX) IPO’d its utility infrastructure services business, Centuri (NYSE: CTRI), raising $299,460,000. The initial public offering featured primary shares with a use of proceeds for debt repayment, working capital, and general corporate purposes.

In May, June, and August 2025, Centuri priced three follow-on offerings featuring 100% secondary shares. The three transactions represented $750,159,375 in aggregate proceeds and allowed Southwest Gas to partially monetize its position in Centuri to further repay debt at Southwest Gas Holdings and other general corporate purposes. Of note, KeyBanc Capital Markets served as a bookrunner on the June 2025 and August 2025 follow-on offerings.

On June 30, 2025, the Utility, Power and Renewable team closed $73 million of Senior Secured Credit Facilities in support of Cenergy Power and their Grounded IL II portfolio. The facilities comprise a $31 million construction-to-term loan, $41 million in aggregate bridge loans, and $1 million in letters of credit, which will be used to fund construction costs at the Portfolio. KBCM acted as Coordinating Lead Arranger, Depositary Agent, Collateral Agent, and Administrative Agent.

The Grounded ESP II LLC portfolio consists of four Illinois community solar assets totaling 24 MW across the Ameren and ComEd utility zones. All projects received the IL Shines REC awards. The projects are expected to reach commercial operations by the end of 2025.

This represents the first financing transaction between KBCM and Cenergy.

About Cenergy Power
Cenergy Power, formed in 2006 by a group of seasoned power system professionals and financial experts, is a leading distributed generation and small utility-scale solar developer, owner and operator with more than 450 MWs of experience working with local communities and businesses on value-added solar projects. For more information, please visit: www.cenergypower.com.

In June 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $280 million of Senior Secured Credit Facilities (the Facilities) for Scout Clean Energy’s Gonzaga Ridge Wind Project in Merced County, California. The Facilities include a Construction Loan, a Transfer Bridge Loan, and Letter of Credit Facility. Proceeds will be used to fund construction of the 147.5 MW wind repowering project, which revitalizes the original 18 MW Gonzaga Ridge wind farm built in the 1980s. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

About Scout Clean Energy
Scout Clean Energy is a renewable energy developer and owner-operator based in Boulder, Colorado with a nationwide portfolio of wind, solar, and storage projects totaling 1.6 GW of operating and construction capacity, 2.1 GW of late-stage development assets, and a 19+ GW development pipeline. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company managed by Brookfield Asset Management, which acquired Scout in 2022.

KBCM Relationship
Scout Clean Energy is a longstanding client of Key across multiple financing and M&A transactions. In 2022, KBCM advised Quinbrook on their $1 billion sale of Scout to Brookfield Renewable. This financing represents the ninth transaction between Scout and KBCM and the 11th transaction between Brookfield Renewable and KBCM.

On June 25, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on a $125 million Senior Secured Credit Facility to support BlueWave’s distributed generation solar-plus-storage portfolio. 

The facility is structured as a revolving construction and operating warehouse, enabling BlueWave to fund project construction costs and reach a critical mass before pursuing alternative refinancing at maturity. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Issuing Bank.

The initial portfolio includes 55.1 MWdc of solar and 13.7 MWh of storage across Massachusetts and New York. Projects are being constructed with tier-1 equipment and contracted by a diverse mix of high-credit-quality offtakers across lucrative community solar markets.

This represents the third transaction between BlueWave and KBCM, and the fifth transaction between Axium and KBCM.

BlueWave Overview
Established in 2010 and headquartered in Boston, Massachusetts, BlueWave is a pioneering renewable energy company that develops, owns, and operates solar and battery storage projects. Diversified across the U.S. Northeast and Mid-Atlantic markets, BlueWave is building one of the largest distributed generation pipelines across 200+ sites, with more than 900 MW of solar and 5 GW of storage.

Axium Infrastructure Overview
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium acquired BlueWave in May 2022 and committed to funding BlueWave as it transitions from a develop-and-flip business to an independent power producer. As of September 30, 2024, Axium Infrastructure has over C$11.5 billion in assets under management, as well as C$2.0 billion in co-investments.