38 Degrees North (“38DN”), a community solar and distributed renewables platform, and EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the closing of a new debt facility that will strengthen 38DN’s ongoing acquisition of projects, advance late-stage developments, and support the continued growth of its portfolio.
Demand for community solar and distributed energy solutions is surging, as AI-driven load growth, aging grid infrastructure, and extreme weather drive electricity costs higher. 38DN’s decentralized systems ease grid strain, deliver direct savings opportunities to customers, and build localized resilience.
The financing will advance 38DN’s pipeline of development and near-term acquisitions, with the ability to expand as new opportunities arise. In July 2025, the company announced an equity investment from Climate Adaptive Infrastructure (CAI), Kimmeridge and existing investor, S2G Investments. The new debt facility from EIG brings the company’s total growth capital raised to more than $300 million to date.
“This investment strengthens our ability to execute on our large development-stage and construction-ready portfolio, as well as new opportunities we are evaluating. As with our equity investors, EIG is a partner we will grow with as the market opportunity presents,” said Ryan Bennett, Partner at 38DN. “EIG is a highly experienced and thoughtful investor. Their confidence in our business is a meaningful validation of the platform we have built, our execution capabilities, our stability as a middle-market independent power producer, and where we are headed.”
“We are pleased to partner with 38 Degrees North, a highly regarded developer and asset aggregator with significant experience in distributed solar,” said Shalin Parikh, Head of Energy Transition, Americas at EIG. “This transaction reflects EIG’s continued commitment to supporting experienced management teams and investing in energy transition infrastructure needed to meet today’s electricity demands. We believe 38 Degrees North has built a differentiated platform and is well positioned for continued growth, and we look forward to supporting the company as it advances its development pipeline.”
This transaction is consistent with EIG’s strategy of providing flexible capital solutions to established energy transition platforms and infrastructure businesses.
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 EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with $27.1 billion in assets under management as of June 30, 2026. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 44-year history, EIG has committed over $55 billion to the energy sector through 429 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
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