Utility-Scale Solar Farm

REAP + EB-5 Capital Stack | Rural Renewable Energy Infrastructure

In Brief

Waterside Commercial Finance delivered financing for a 48 MWdc solar project serving a rural, low-income community. The transaction combined USDA REAP debt with EB-5 capital to keep construction on schedule and bridge the federal investment-tax-credit timeline. The structure provided long-term, affordable financing and allowed the developer to begin operations without delay.

Capital Stack

Waterside delivered a $60 million capital stack combining USDA REAP debt with EB-5 capital to bridge the project’s investment tax credits and fund construction. The REAP loan provided long-term, affordable financing, while the EB-5 capital supplied the flexibility needed to keep the project on schedule and align timing with tax-credit realization.

In Brief

Waterside Commercial Finance delivered financing for a 48 MWdc solar project serving a rural, low-income community. The transaction combined USDA REAP debt with EB-5 capital to keep construction on schedule and bridge the federal investment-tax-credit timeline. The structure provided long-term, affordable financing and allowed the developer to begin operations without delay.

$25MM USDA REAP Loan

Long-term, fixed-rate financing that provided stability and predictable debt service.

$16MM EB-5 Immigrant Investor Capital

Raised through a TEA designation to bridge ITC timing during construction.

$19MM Sponsor Capital

Contributed by the developer and project partners to complete the financing.

No items found.

Execution outcome

The project was completed on schedule and now generates renewable power for more than 7,000 rural homes, offsetting roughly 60,000 metric tons of CO₂ each year. Construction created over 100 local jobs and several long-term operating roles. By bridging the investment-tax-credit timing and securing permanent USDA REAP debt, Waterside enabled the developer to maintain project control, capture the full value of the tax incentives, and deliver reliable, low-cost clean energy to the community.

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