ForeFront Power announced a series of transactions in which it did a partial equity sell down of a 95 MW behind-the-meter (BTM) distributed generation portfolio of projects in four states.

MUFG Bank, Ltd. acted as lead arranger and administrative agent for the debt financing, with participation from collateral agent Cadence Bank, and additional co-lenders Sumitomo Mitsui Trust Bank and Mitsubishi HC Capital America.

The funding will help ForeFront execute on its core solar, storage and mobility solutions business, while expanding solutions into broader energy transition to serve our customers, ForeFront CFO Bryan Eckstein told NPM.

ForeFront would not disclose who the equity investors are in the behind-the-meter portfolio.

Keiyo Gas, a publicly-traded Japanese company, announced earlier this year that it invested in a distributed solar power generation business in the United States together, with ForeFront Power LLC, a wholly-owned subsidiary of Mitsui & Co.

In a statement, Keiyo Gas noted that “ForeFront Power is a leading company in the development and operation of distributed solar power generation and battery storage in the United States, with a track record of developing more than 1,900 renewable energy projects totaling over 1.6 GW over the past 15 years.”

Keiyo Gas established KG America LLC as its first overseas subsidiary as part of its “Medium-Term Management Plan 2025-2027” in order to promote “contribution to a low-carbon and decarbonized strategy” according to a press release.

ForeFront Power also would not disclose what states were included in the BTM portfolio included in the partial sell-down but did indicate that all of the projects included in the portfolio are safe-harbored and free cash flow funds additional safe-harboring.

However, California remains an active market for ForeFront Power as illustrated by news on November 18 that its 5 MW solar-and-storage system at the City of Vacaville’s Easterly Wastewater Treatment Plant had energized.

Overall, NPM Interconnection queue data identified roughly 43 MW of operational solar projects and 9.4 MW of operational storage within National Grid and Orange & Rockland service territories in NY. Overall, the company is also active in Illinois, Massachusetts and Virginia.

*This story was originally published exclusively for NPM subscribers.

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