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HomeBlogSolar Development Financing in Illinois: SunRocket Capital Partners with Donato Solar for 2MW Solar Projects

Solar Development Financing in Illinois: SunRocket Capital Partners with Donato Solar for 2MW Solar Projects

2024-03-12

SunRocket Capital, formerly known as Sol-REIT, LLC, is proud to announce the successful completion of three construction-to-permanent funding agreements with Donato Solar. These transactions, which took place in the first quarter of 2024, resulted in a total financing of $14.5 million. The projects, located in central Illinois, have been specifically designed to generate green energy for GAIL Technology, Inc.'s commercial data centers.

 

Enhancing Efficiency and Generating Clean Energy

 

The three projects funded by SunRocket Capital have a combined capacity of 9.24MW DC, enabling the efficient operation of GAIL Technology, Inc.'s data centers. During daylight hours, the solar fields produce an excess of energy, contributing to the grid and benefiting the utility. Additionally, the projects will receive Solar Renewable Energy Credits (SREC's) through the Illinois Power Authority's Adjustable Block Program, also known as Illinois Shines. These credits, earned over a period of 15 years, enhance the overall economics of the projects.

 

Praising SunRocket Capital's Financial Expertise

 

Anthony Donato, CEO of Donato Solar LLC & GAIL Technology, Inc., expressed his satisfaction with the partnership with SunRocket Capital, stating, "The team at SunRocket Capital has exceeded our expectations as a financial partner. Not only do they operate with impressive speed and efficiency, but their in-depth knowledge of solar development has been crucial in expediting the financing process."

 

SunRocket Capital's Commitment to Scale and Efficiency

 

Derek Gabriel, Sr., Chief Operating Officer and Head of Originations at SunRocket Capital, shared his excitement about the collaboration with Donato Solar, saying, "Our financing, combined with the expertise of experienced solar developers and engineering, procurement, and construction teams, simplifies the process of deploying solar energy projects on a large scale. With a single financial transaction, these projects can be constructed and operational. We look forward to working with Anthony and his team to support the development of a substantial portfolio of distributed generation."

 

Future Ventures and Expanding Operations in Illinois

 

SunRocket Capital has committed to funding Donato Solar's pipeline, which includes a total of 100MW in solar projects. In 2024 alone, 30MW of projects are scheduled for financing, amounting to approximately $100 million in construction-to-permanent loans. These projects will all be developed within the state of Illinois. Currently, 30MW of the pipeline is operational, with an additional 40MW set to be completed by the end of 2024.

 

With this partnership, SunRocket Capital and Donato Solar are playing a pivotal role in advancing the adoption of solar energy in Illinois, while also promoting sustainability and the growth of the renewable energy sector.

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