CHARLESTON, S.C., July 29, 2026 (GLOBE NEWSWIRE) — Ballast Rock Asset Management announced today that the Ballast Rock Real Estate Private Credit Fund has provided development financing to Sol Source Power, LLC, a renewable energy developer specializing in distributed generation solar and battery storage projects, supporting a 74.5 MW DC portfolio of fourteen community solar projects in Illinois.
The 18-month loan will fund development and safe harbor-related expenses associated with the portfolio, enabling Sol Source Power to continue advancing the projects toward construction and eventual commercialization.
The transaction highlights Ballast Rock’s focus on providing flexible financing solutions for development-stage renewable energy projects. Through its private credit fund, Ballast Rock works with experienced developers seeking tailored financing structures that align with project development timelines, capital needs, and broader strategic objectives.
“Renewable energy developers often face a capital gap during critical phases of project development, particularly for smaller transactions below $10 million,” said Max Jackson, Managing Director and Portfolio Manager for the Real Estate Private Credit Fund. “Many traditional lenders focus on larger, more developmentally advanced opportunities, leaving experienced developers searching for financing partners who understand the development process and can structure capital around the specific needs of a project or portfolio. We believe there is a significant opportunity to support those developers with flexible, tailored financing solutions and then scale with them as their business and capital needs expand”
The financing was structured to support Sol Source Power’s existing development strategy while providing the capital necessary to advance a portfolio of community solar projects serving Illinois communities. The transaction also demonstrates Ballast Rock’s ability to develop financing solutions that complement developers’ existing project initiatives, including safe harbor strategies, while supporting critical development milestones.
“Ballast Rock understood the needs of our portfolio and worked with us to develop a financing solution that supported our development objectives and timeline,” said Adam Feldman, Chief Investment Officer of Sol Source Power. “Throughout the process, we found the Ballast Rock team to be collaborative, solution-oriented, and a pleasure to work with. Access to this type of capital and team is valuable for us as developers working to advance our projects through the development cycle and into operations. We appreciate this exciting partnership.”**
The loan was originated through the Ballast Rock Real Estate Private Credit Fund, which focuses on specialized lending opportunities backed by real assets and infrastructure-related projects, primarily in the community solar / distributed generation space.
“This transaction reflects the type of opportunity we designed our private credit strategy to pursue,” said Simon O’Shea, Co-Founder and Chief Investment Officer of Ballast Rock Asset Management. “By combining renewable energy, real estate, infrastructure, and credit expertise, we’re able to provide development capital that works alongside a developer’s existing project strategy and long-term goals. We expect continued demand from solar and battery storage developers seeking partners who can provide efficient and innovative financing solutions for development-stage assets.”
Ballast Rock is actively seeking opportunities to provide development financing to experienced solar and battery storage developers. The firm’s private credit fund focuses on specialized lending opportunities where flexible capital structures, project expertise, and disciplined underwriting can help developers advance projects through key development milestones.
** This is an unpaid testimonial and may not be indicative of all borrowers.
About Ballast Rock
Ballast Rock is an integrated investment management company specializing in delivering risk-adjusted returns, accurate and timely advice, high-quality reporting, and direct access to management. Ballast Rock operates Ballast Rock Asset Management, Ballast Rock Private Wealth, and Ballast Rock Capital. Ballast Rock Asset Management comprises Ballast Rock Real Estate, including the firm’s Sunbelt multifamily real estate strategies, and Ballast Rock Ventures, which includes venture capital and private equity investment strategies. The firm’s private credit platform provides specialized financing solutions to distributed generation community solar project developers.
About Sol Source Power
Sol Source Power, LLC is a renewable energy developer focused on distributed generation, targeting greenfield solar and battery storage projects. The company primarily develops projects in New York and Illinois and has expanded into Maryland and Massachusetts. Through an integrated development platform encompassing development, engineering, real estate, permitting, interconnection and construction expertise, Sol Source Power advances projects from origination through de-risked development and strategic partnerships across the renewable energy ecosystem.
For Ballast Rock Lisa Aldape Vocatus laldape@vocatusllc.com
