Utilities, Power and Renewables

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.

On May 13, 2025, KeyBanc Capital Markets (KBCM) closed the sale of a 100% equity stake in Sun Tribe Development to TerraForm Power, an affiliate of Brookfield Asset Management. KBCM was mandated by Sun Tribe as its exclusive financial advisor to identify a strategic partner to support the continued buildout of their 4+ GW solar and energy storage pipeline. With the transaction, TerraForm is initiating a new growth strategy and more than doubling its development pipeline to over 6,000 MW of solar and battery energy storage.

About Sun Tribe Development
Founded in 2019 and headquartered in Charlottesville, Virginia, Sun Tribe is a utility-scale solar and energy storage developer focused on development in the Mid-Atlantic and Southeast regions. Their track record includes the establishment of a 4 GW project pipeline and monetizing over 20 projects which represent 800+ MW across four states since inception. Counterparties to Sun Tribe PPAs and owners of Sun Tribe-developed projects include Dominion Energy (NYSE: DOM), Duke Energy (NYSE: DUK), Con Edison Utilities (NYSE: ED), PPL Utilities (NYSE: PPL), RWE Clean Energy (DAX: RWE), and more, placing Sun Tribe in the company of some of the nation’s most sophisticated power buyers and owner-operators.

About TerraForm Power
TerraForm Power, a controlled affiliate of Brookfield Asset Management, is a leading owner, operator, and producer of renewable energy in North America. The company’s portfolio contains 3,400 MW of utility-scale wind, solar, and battery storage facilities with operations in 23 U.S. states and Ontario, Canada. TerraForm Power’s high-quality diversified assets generate significant organic cash flow, and support repowering, co-location, and hybridization opportunities within its broad existing footprint, as well as greenfield development. The company has a high-quality, approximately 6,000 MW renewable development pipeline and is well positioned to meet surging electricity demand.

About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Their renewable power portfolio consists of hydroelectric, wind, utility-scale solar, and storage facilities and their sustainable solutions assets include their investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

On May 15, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on three facilities totaling $1.3 billion of Senior Secured Credit Facilities (the Facilities) for Doral Renewables’ Mammoth South and Central projects (Portfolio).

The Facilities comprise a $412 million Construction-to-Term Loan, $624 million in Tax Equity and Tax Credit Bridge Loans, and $259 million in Letters of Credit. This transaction will help fund construction of the 1.1 GW Portfolio and serves as the takeout to the KBCM-led bridge financing that closed in August 2024. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The project is in Pulaski County, Indiana, and along with its sister project, Mammoth North, will form the largest standalone solar portfolio in the U.S. The project includes three utility-scale solar projects: Mammoth South, Mammoth Central I, and Mammoth Central II, totaling 1,128 MWdc. All three have long-term investment grade rated power purchase agreements and are expected to be operational by December 2026. Once operational, the Mammoth Solar portfolio will have a capacity of 1.3 GW and power approximately 275,000 households annually.

This represents the third transaction between Doral Renewables and KBCM.

Doral Renewables Overview
Headquartered in Philadelphia, Pennsylvania, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. The Company’s solar and storage development portfolio totals over 18 GW, including 400 MW in operation and 950 MW under construction. The Company operates in 22 states across seven electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, APG, which looks after the pensions of 4.6 million participants and manages approximately €544 billion in pension assets.

On April 24, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $184 million of Senior Secured Credit Facilities for Clearway Energy Group’s (CEG) Tuolumne utility-scale wind project in Klickitat County, Washington. The facilities are comprised of $162 million in Term Loan, $14 million Debt Service Reserve LC, $7 million in PPA LC, and $1 million in BSA LC. Proceeds will fund the project’s operations post-acquisition. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Tuolumne is a 137 MW utility-scale wind project in the WECC – PNW power market, previously owned and operated by Turlock Irrigation District. Clearway has acquired Tuolumne, and the project will continue to generate revenue via a 15-year power purchase agreement with its original owner, Turlock Irrigation District. 

This represents the twentieth transaction between CEG and KBCM.

About Clearway Energy Group:
CEG was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 11.8 GW of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of CEG from Global Infrastructure Partners. As of April 2025, CEG has an extensive pipeline of 30 GW of solar, wind and storage projects in both regulated and deregulated regions. The company is also committed to grid reliability with over 10 GW of paired and standalone storage in development. CEG’s management team has over 1,000 employees with operating solar and wind projects in 35 states.

On April 11, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $165.5 million in Senior Secured Credit Facilities (the Facilities) to refinance US Solar Fund’s (USF) operating solar portfolio. Amber Infrastructure Group (Amber or the Investment Manager) is the investment manager for US Solar Fund and responsible for USF’s investment origination, asset management, and fund management.

The Facilities comprise a $127.1 million Term Loan, a $10.5 million Revolving Credit Facility, and $27.9 million in Letters of Credit. The proceeds were used to refinance the existing debt on the portfolio and smooth out amortization to help US Solar Fund manage its dividend yield. KBCM acted as the Coordinating Lead Arranger, Administrative Agent, Collateral Agent, and Issuing Bank.

The portfolio includes 41 operating solar assets with a total capacity of 443 MWdc, diversified across California, North Carolina, Oregon, and Utah.

Investment Manager Overview
Amber Infrastructure is an international infrastructure specialist, focused on investment origination, development, asset management, and fund management. Amber’s core business focuses on infrastructure assets across the public, transport, energy, digital, and demographic infrastructure sectors. The Investment Manager is responsible for the day-to-day management of US Solar Fund, whose investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by owning and operating solar power assets in North America.

NiSource Inc. is an energy holding company whose primary subsidiaries are fully regulated natural gas and electric utility companies serving approximately 3.7 million customers in six states. The company is one of the nation’s largest natural gas distribution companies, as measured by number of customers.

Distribution: SEC Registered
Type: Senior Notes
Ratings at Issue: Baa2 / BBB+ / BBB (Stable by all)
Amount: $750 million
Maturity: April 1, 2055
Spread: T+130 bps
Coupon: 5.850%