Generate Capital, based in San Francisco, announced the closing of an $85 million tax equity commitment with SOLCAP, KeyState’s investment platform, for Fund X. The fund supported eight community solar projects totaling 38 MW (DC) in New York and Illinois, scheduled for commercial operation between Q4 2025 and Q1 2026. This was Generate’s 10th community solar tax equity fund and the 5th with KeyState since 2021. In 2025, Generate raised over $807 million in project debt and $608 million in tax equity, totaling more than $1.4 billion. The company owned and operated over 430 MW of community solar across multiple states. Orrick acted as sponsor counsel, while Kutak Rock served as investor counsel.