ATLANTA, GA — Overlay Capital, a specialist in interconnection deposit focused financing for infrastructure projects, announced it has finalized a new facility with Novel Energy Solutions to support a portfolio of distributed generation projects across Illinois.
Through this financing, Overlay will provide capital to cover interconnection deposits for multiple project sites currently in development by Novel Energy Solutions. These projects are expected to enhance grid resilience and contribute to Illinois' clean energy objectives by strengthening distribution-level infrastructure. The financing structure is intended to keep projects moving efficiently through the utility process while avoiding the need for developers to raise capital on compressed or inefficient timelines. Upon the near term completion of development, these projects are expected to reach full readiness for construction later this year.
This transaction further expands Overlay's growing footprint in Illinois, where it has now supported over 100 MW of distributed generation. By alleviating upfront capital burdens, Overlay enables developers to accelerate pipelines, optimize development pacing, and concentrate resources on maximizing project value.
With grid access increasingly acting as the primary bottleneck for both generation and load, Overlay's non-dilutive capital solutions position developers to compete more effectively in a rapidly evolving market. By providing timely capital at critical stages, Overlay helps secure interconnection positions, advance projects through key milestones, and ultimately increase the number of viable assets brought online, all without overextending developer balance sheets.
"Novel Energy Solutions brings an exceptional track record of developing distributed assets for over a decade," said Eric Rubinstein, Managing Partner, Energy at Overlay Capital. "We are excited to support the Novel Energy Solutions team with interconnection capital to bring an attractive portfolio of Illinois assets to NTP."
"Bringing new assets to fruition within Illinois is a meaningful step toward a more resilient and self-sufficient energy system," said Raj Gupta, VP of Sales at Novel Energy Solutions. "We're excited to advance these projects through development and soon into completion, delivering tangible benefits to landowners and local communities while expanding access to reliable, cost-effective and resilient clean energy across the state of Illinois."
"We enjoyed working with Eric Rubinstein, Ashton Kille, Chadd Evans, and the entire Overlay Capital team," said Will Georgia, Co President at Novel Energy Solutions. "This pipeline represents a strong foundation for continued growth and execution as we scale our development efforts and bring high quality assets to market."
"We are proud of the collaboration and progress achieved alongside the Overlay Capital team," said Ken Craft, Co President at Novel Energy Solutions. "These projects reflect the strength of our platform and position us well to continue expanding a disciplined, high performing development pipeline."
About Overlay Capital
Overlay Capital is an Atlanta-based asset manager investing across the spectrum from innovation to infrastructure, with a focus on financing overlooked and hard-to-access opportunities. Overlay invests in secular tailwinds and opportunities that shape the future of essential infrastructure in the built environment, with a commitment to superior risk-adjusted returns. For more information, please visit us at www.overlaycapital.com.
About Novel Energy Solutions
Novel Energy Solutions is a national renewable energy company focused on the development, financing, and operation of community solar and distributed energy assets. The company partners with landowners, utilities, municipalities, and commercial customers to deliver cost-effective clean energy solutions that drive long-term sustainability and energy independence. Through a combination of strategic development, advanced technology platforms, and disciplined execution, Novel Energy Solutions is committed to expanding access to reliable, affordable renewable energy across the United States. For more information, see NovelEnergy.biz.