What SOLCAP does

SOLCAP is a solar and renewable energy tax credit investment platform launched in 2019 by KeyState Corporate Management (NV) LLC, a privately-held investment advisory firm founded in 1991 that manages over $18 billion in assets. The platform structures and manages tax equity fund vehicles that aggregate capital from community banks and corporate C-Corp investors to finance mid-size renewable energy projects, including utility-scale solar, community solar, commercial solar, solar-plus-storage, standalone battery storage, biogas, hydrogen, and wind. SOLCAP delivers full-stack transaction support: project screening, due diligence, certified financial modeling, GAAP proformas, tax opinions, and asset management through the full five-year ITC recapture period.

Since inception, SOLCAP has deployed and committed over $1 billion in renewable energy tax credit investments across 175+ projects in states including California, Virginia, New York, Oregon, Kentucky, North Carolina, South Carolina, and Maryland. Revenue is generated through three mechanisms: management fees on tax equity fund vehicles (e.g., SOLCAP FUND I LLC, SOLCAP 2021-1 LLC, VBA|SOLCAP 2024 LMI Solar Tax Credit Fund), ITC transfer investment fees, and tax credit consulting and advisory services. The go-to-market leverages KeyState's 30+ year relationships with over 140 community banks, supplemented by trade association partnerships (Virginia Bankers Association) and direct enterprise outreach to corporate investors. Developer relationships with Renewable Properties, Summit Ridge Energy, Generate Capital, PineGate Renewables, and Corner Power provide the recurring project pipeline that feeds fund deployment.

The platform is wholly-owned by KeyState, has not raised external venture or private equity capital, and operates from Las Vegas, NV. Recent strategic activity (2024-2026) signals an expansion phase: a $150 million VBA co-branded fund, an $85 million community solar fund with Generate Capital, expansion into standalone battery storage investments, and senior hires including CIO JD David, CFO Gayle Espinosa, EVP Allan Riska (ex-Renewable Properties), and SVP of Business Development Patrick Mulloy.

Name

SOLCAP

Legal name

KEYSTATE CORPORATE MANAGEMENT (NV) LLC

Website

https://sol-cap.com

Company type

Private

Founded year

2019

Operating status

Operating

Short description

SOLCAP is a Las Vegas-based tax equity investment platform launched in 2019 by KeyState that structures and manages renewable energy tax credit funds for over 140 community banks and corporate C-Corp investors, having deployed over $1 billion across 175+ solar and storage projects.

Ownership category

akta.pro rank

Product category

Solar Tax Credit Investment Management

NAICS

Other Financial Vehicles (52599), Solar Electric Power Generation (221114)

SIC

Finance Services (6199), Asset-Backed Securities (6189)

akta.pro primary industry

Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ)

akta.pro secondary industries

Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), DER Aggregation & Virtual Power Plants (VPPs) (EUAMAJAC)

Keywords

• Solar tax credits
• Tax equity funds
• Renewable energy investments
• Community bank financing
• Solar project financing

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Tax Equity Fund Management and Co-Investment Fees: SOLCAP earns fees as the manager and co-investor of tax equity fund vehicles. The platform facilitates renewable energy ITC transfer investments, sourcing projects annually for recurring investors, providing full diligence and documentation packages, managing transactions with investor tax counsel, and monitoring project investments during a five-year recapture period. KeyState serves as managing member alongside Corner Power for SOLCAP fund structures.
2. Tax Credit Investment Consulting: SOLCAP provides consulting services including accounting treatment guidance, project diligence and underwriting, risk assessment and mitigation, asset management, and regulatory guidance for financial institution investors. These advisory fees support the overall revenue model alongside fund management.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

SOLCAP operates a dedicated solar tax credit investment platform that structures and manages tax equity fund vehicles connecting community banks and corporate investors with mid-size renewable energy projects. The platform sources projects annually from established national solar developers, provides full diligence and documentation packages, manages transactions with investor tax counsel, and monitors project investments through a five-year recapture period. SOLCAP has raised and deployed over $1 billion in renewable energy tax credit investments across 175+ solar and battery storage projects since 2019.

Product overview

SOLCAP is a dedicated solar tax credit investment platform operated by KeyState that offers a suite of products including tax equity co-investment vehicles, ITC transfer facilitation, and fund products (SOLCAP FUND I LLC, SOLCAP I LLC, SOLCAP 2021-1 LLC, and VBA|SOLCAP 2024 LMI Solar Tax Credit Fund). The platform collaborates with community banks and corporate investors to finance mid-size, transformative renewable energy projects, providing tax credit investment consulting services. The platform supports various project types including solar (Utility, Community Solar, Commercial), solar + storage, battery storage, biogas, hydrogen generation, and wind.

Differentiator

Problem solved

Functional benefit

Brands

• SOLCAP FUND I LLC: Institutional investor tax credit fund dedicated to mid-size solar power generation projects
• SOLCAP 2021-1 LLC
• VBA|SOLCAP 2024 LMI Solar Tax Credit Fund

Products and services

• SOLCAP FUND I LLC Inaugural institutional investor tax credit fund dedicated to mid-size solar power generation projects, with anticipated funding of $45 million in 2019. Targets community bank and corporate investor capital deployment into renewable energy tax credit investments.
• SOLCAP I LLC Solar tax equity fund for community and regional bank investors with initial closing in February 2020, financing 6 solar projects representing over $30 million of infrastructure investment.
• SOLCAP 2021-1 LLC Solar tax equity fund launched in February 2021 targeting $40 million in solar tax equity, with Horizon Bancorp as lead investor committing $13 million. Targeted community and regional bank investors.
• VBA|SOLCAP 2024 LMI Solar Tax Credit Fund Solar tax credit fund in partnership with Virginia Bankers Association launched to raise up to $150 million for 15-20 community solar projects exclusively benefiting low-to-moderate income households in Virginia, with 20-30% electric bill reductions for participating households.
• Tax Equity Co-Investment Vehicles National and state-specific renewable energy tax equity co-investment vehicles offering attractive returns with accelerated Investment Tax Credits (ITCs) and CRA-eligible projects. Provides community banks and corporate investors with tax-advantaged renewable energy investment opportunities.
• ITC Transfer Investments Facilitates renewable energy ITC Transfer Investments, sourcing projects annually for recurring investors with full diligence, documentation, and transaction management services. Designed for C-Corp investors seeking to offset tax liability up to 75% through accelerated ITCs.
• Tax Credit Investment Consulting Consulting services including accounting treatment, project diligence and underwriting, risk assessment, asset management, and regulatory guidance for financial institution investors. Advisory fees support the overall revenue model alongside fund management.

Quantifiable outcome

• Over $1 billion in renewable energy tax credit investments deployed and committed since 2019
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• Virginia Bankers Association (VBA) / VBA Management Services, Inc.coreStrategic or Co-development Partner · 1 May 2023VBA MSI partnered with KeyState to raise up to $150 million in solar tax equity capital from Virginia member banks through the VBA|SOLCAP 2024 LMI Solar Tax Credit Fund. The fund deploys capital in 15-20 community solar projects exclusively benefiting low-to-moderate income (LMI) households in Virginia, reducing their electric bills by approximately 20-30%. The VBA MSI Board unanimously approved the partnership after thorough evaluation of KeyState's SOLCAP platform.
• Corner Power, LLCcoreStrategic or Co-development PartnerCorner Power, LLC is co-managing member of all SOLCAP fund vehicles (SOLCAP FUND I LLC, SOLCAP 2021-1 LLC, and subsequent funds). Corner Power's team of seasoned solar energy professionals has developed, financed, and operated a global distributed generation solar portfolio of over 300 MW since 2010. Corner is responsible for sourcing, developing, and operating solar and energy storage projects, while KeyState manages investor relationships and fund administration.
• Renewable PropertiesmajorStrategic or Co-development PartnerRenewable Properties is a leading distributed generation developer and independent power producer that has partnered with SOLCAP for multiple community solar and storage projects. Notable transactions include a $26.5 million tax equity financing for a portfolio of community solar and storage projects. SOLCAP's EVP Allan Riska previously served as Chief Investment Officer at Renewable Properties before joining KeyState.
• Summit Ridge EnergymajorStrategic or Co-development PartnerSummit Ridge Energy is a solar developer that partnered with SOLCAP on the Martin Trail Farm community solar project in Clover, VA (6.30 MWdc, $8.36M tax equity deployed, 2024). Summit Ridge Energy develops community solar projects serving residential and commercial subscribers.
• Generate CapitalmajorStrategic or Co-development PartnerGenerate Capital is a sustainable infrastructure investment firm that partnered with SOLCAP on the Ridgeway project in Greece, NY (6.90 MWdc, $22.28M tax equity deployed, 2023) and the Guyer project in Ballston Lake, NY (4.06 MWdc, $7.50M tax equity deployed, 2025). Generate Capital also closed an $85 million community solar tax equity fund with KeyState/SOLCAP in October 2025.
• PineGate Renewables (Pine Gate Renewables)majorStrategic or Co-development PartnerPineGate Renewables is a developer, owner, and operator of utility-scale solar farms. SOLCAP partnered with PineGate Renewables for the Twelfth Solar Portfolio (6 projects in Oregon and South Carolina, over $30 million of infrastructure investment, ~20 MWs capacity) in 2020, and for the Drift Creek project in Silverton, OR (2.80 MWdc, $2.11M tax equity deployed, 2020) and Minke project in Molalla, OR ($7.06M tax equity deployed). PineGate manages 450+ MWs of sites under construction and in operation.
• KeyState Corporate Management (NV) LLCcoreOthersSOLCAP was launched in 2019 as a natural extension of KeyState. KeyState is the parent company managing the SOLCAP platform. Founded over 30 years ago (1991), KeyState helps financial institutions and corporations increase annual earnings through innovative, tax-advantaged investment structures. KeyState manages over $22 billion in bond portfolios and serves over 140 community banks. KeyState Corporate Management (NV) LLC is the legal entity that owns sol-cap.com and the SOLCAP platform.
• Kutak Rock LLPminorImplementation/ SI/ Consulting PartnerKutak Rock LLP served as legal counsel for SOLCAP in the financing of PineGate Renewables' Twelfth Solar Portfolio in February 2020.
• Stoel Rives LLPminorImplementation/ SI/ Consulting PartnerStoel Rives LLP served as legal counsel for PineGate Renewables in the financing of the Twelfth Solar Portfolio with SOLCAP in February 2020.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Altus Power: Public commercial and community solar developer and IPP (which acquired Renewable Properties) that originates projects, structures tax equity, and partners with banks and corporates. Highly comparable as a developer-side counterparty to SOLCAP and as a direct competitor for mid-size project capital.
• Pivot Energy: National community solar developer that partners with banks and institutions to monetize tax credits and deploy capital into mid-size community solar. Comparable to SOLCAP because it operates at the same project size and sits at the same community-bank–distributed solar intersection.
• Generate Capital: Sustainable infrastructure investment firm that finances and owns renewable energy and community solar projects. Comparable to SOLCAP because it directly co-invests in tax equity structures with banks and corporates, including the $85M community solar tax equity fund closed with KeyState/SOLCAP and the Ridgeway and Guyer projects.
• Cypress Creek Renewables: Solar developer with in-house project finance that has originated, structured, and syndicated tax equity investments across utility-scale and community solar. Comparable because Allan Riska (now SOLCAP's CIO) and other SOLCAP staff come from this platform, and Cypress operates in the same tax-equity-driven project finance ecosystem.
• Renewable Properties: Distributed-generation solar developer and independent power producer that has partnered with SOLCAP on multiple community solar and storage deals (e.g., $26.5M community solar/storage portfolio, Beckwith and Byron Highway projects). Operates in an overlapping project and investor-aggregation niche.

Regional players

• National Cooperative Bank (NCB): Cooperative bank focused on community development and renewable energy tax credit investments. Comparable to SOLCAP because it is a regulated depository that channels member capital into structured tax-advantaged community and renewable investments.

Others

• Capital Impact Partners: Community Development Financial Institution (CDFI) that structures and syndicates tax credit and impact investments including for community-serving renewable energy projects. Comparable to SOLCAP because it sits in the same community development + tax credit ecosystem, but as a mission-driven CDFI rather than a private solar tax equity intermediary.

Broad incumbents

• US Bancorp Community Development Corporation: Community development banking arm of U.S. Bancorp that invests tax credit equity (including in renewable energy) and works with community banks on CRA-eligible structured products. Comparable to SOLCAP because it operates in the same bank-distributed tax credit investment space, but as part of a much larger, broader platform.

Emerging players

• Sunlight Financial: Specialty solar financing platform that historically aggregated institutional and bank capital to fund residential and C&I solar loans. Comparable to SOLCAP because it is a bank-channel solar finance platform, though primarily residential and currently distressed/restructuring.
• Mosaic (formerly Solar Mosaic / Wunder Capital): Solar financing platform that connects capital providers with distributed solar projects via structured finance. Comparable because it sits in the same solar financing intermediation category as SOLCAP, though historically oriented more toward residential and small commercial rather than community bank tax equity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SOLCAP