38 Degrees North Secures $260 Million Credit Facility with Apterra to Support Community Solar Growth

SAUSALITO, Calif.--(BUSINESS WIRE)--38 Degrees North (“38DN”), an established community solar and distributed renewables platform, today announced the closing of a $260 million financing facility with Apterra Infrastructure Capital (“Apterra”), a leading infrastructure finance platform and affiliate of Apollo, to support the construction of approximately 85 MW of community solar projects across New York and Illinois.

Apterra served as Joint Lead Arranger, Administrative Agent, and Sole Bookrunner. Stifel and National Bank of Canada also served as Joint Lead Arrangers. BankUnited acted as Collateral Agent. Farmer Mac, Amalgamated Bank, and Siemens Financial Services participated as additional lenders in the facility, which was oversubscribed.

“New York and Illinois continue to be among the most active community solar programs in the country, with both states designed to bring new generation online while passing savings directly to subscribers. As project queues lengthen, developers with permitted, ready-to-build pipelines and the capital to finance them are best positioned to convert that backlog into operating assets,” said Ryan Bennett, Partner at 38DN. “Combined with the HoldCo facility we announced with EIG last month, we have secured strong financial backing from highly sophisticated institutional capital partners. We are exceptionally well positioned to advance on the significant growth opportunity ahead.”

“The strong demand this facility attracted underscores the depth of institutional interest in well-structured community solar credit with developers who demonstrate consistent execution,” said Ralph Cho, Co-Chief Executive Officer of Apterra. “We look forward to continuing our relationship with 38DN as the company advances its growth strategy.”

This transaction follows the closing of 38DN’s HoldCo facility with EIG, announced in August 2026, leaving the company well positioned to execute on its significant pipeline. 38DN has raised more than $1.7 billion in capital to date and continues to expand its portfolio of community solar and distributed generation projects across key markets.

38DN was represented by Stoel Rives LLP. The lender group was represented by Norton Rose Fulbright.

About 38 Degrees North
Founded in 2015, 38 Degrees North is an established platform focused on development-stage and construction-ready distributed generation and community solar projects that are both self-developed and acquired through partnerships with leading project developers. The company has over 100 projects and 500 MW under construction or operating, with an advanced pipeline of 250+ MW planned for construction in the next 24 months. 38DN closed growth equity investments from S2G Investments in late 2023 and from Kimmeridge Energy Management and Climate Adaptive Infrastructure in mid-2025.

About Apterra

Apterra, an affiliate of Apollo Global Management, is a premier platform specializing in innovative financing solutions for infrastructure projects. Our tailored capital services empower clients, including financial sponsors and developers, to optimize assets and achieve sustainable growth. Fueled by strong relationships, our distribution network ensures seamless access to capital through partnerships with banks, investors, and asset managers. We are focused on driving growth and operational integrity in the infrastructure sector, while creating enduring value for our clients. Visit www.Apterra.com to learn more.