NJBankers and KeyState Renewables Launch Solar Tax Equity Investment Partnership

On Apr 3, 2024

The New Jersey Bankers Association (NJBankers), through its for-profit subsidiary, NJBankers Business Services, has partnered with KeyState Renewables to raise up to $100 million in solar tax equity capital from NJBankers member banks. The NJBankers Business Services board of directors approved the launch of the NJBankers SOLCAP 2024 & 2025 Solar Tax Equity Investment Partnerships on March 22.

The capital will be deployed by KeyState’s tax equity platform, SOLCAP, which was formed in 2019 with Corner Power. SOLCAP will work with a national solar development partner and finance over 75 community solar projects in New Jersey in 2024 and 2025. These projects will benefit low-to-moderate income (LMI) households across New Jersey, selling the majority of the clean energy generated to LMI households and lowering their annual electric bills by at least 15%. KeyState’s SOLCAP solar tax equity platform helps community banks more easily invest in solar tax credits and finance renewable energy projects in their area.

“We are excited to work with NJBankers and its member banks to finance this portfolio of New Jersey community solar projects. We launched our SOLCAP solar tax equity platform five years ago in response to the growing interest from community banks across the country to finance the transition towards a greener economy. Partnering with NJBankers is an ideal way for us to aggregate New Jersey community banks’ investments and finance a portfolio of community solar projects in their state,” said Josh Miller, CEO of KeyState Renewables.

“Governor Murphy enacted a law earlier this year expanding New Jersey’s Community Solar Energy Program and making clean energy more available to every New Jersey family, no matter where they live,” said Mike Affuso, CEO of NJBankers. “NJBankers and our member banks are eager to work with KeyState Renewables to advance New Jersey’s role as a leader in expanding access to clean energy to all New Jersey households.”

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