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5.8MWdc solar array in Hartland, Maine was placed in service in December 2021. Hartland is one of more than 30 MWs Madison is building in Maine through the state's Net Energy Billing program. All systems will have 100% of electricity purchased by 23 C&I off takers including cities, school districts, municipalities, hospitals, universities, and large commercial & industrial businesses.
Madison Energy Investments, a renewable energy company that develops, constructs, owns and operates distributed energy generation assets within the commercial and industrial (C&I) and small utility-scale sector, announces that in December it closed of a $250 million syndicated credit facility led by Fifth Third Bank. Along with debt, Madison structured forward tax equity commitments to support the next two years of project development and construction efforts. Madison intends to deploy the capital to support its existing portfolio of operating, under construction and under contract solar and storage assets.
Founded in 2019, Madison works with a broad array of partners to develop and build projects, structure the appropriate financing and manage the assets for the long-term. Madison has amassed a growing portfolio of assets across 18 states with over 100 customers across a diverse range of commercial, industrial, municipalities, universities and schools. As it continues to grow, Madison’s portfolio is constantly evolving and expanding into new markets and technologies to bring more clean energy projects online.
“Setting up the financial infrastructure, including debt and tax equity, not only provides cost-efficient capital but shapes the type of value we can bring to our customers”, said Steven Cunningham, Managing Partner. “Our team has the experience of doing hundreds of C&I projects in nearly every market and we use that knowledge to build the needs of our development partners into our long-term financing agreements. This in turn allows our origination team to engage with development partners earlier and provide the most flexible and cost-effective capital in the market.”