ATLANTA, GA — Overlay Capital, a leading provider of interconnection capital for grid-connected energy assets, today announced the closing of an interconnection deposit financing facility with Surya Powered supporting a portfolio of distributed projects in the Illinois market.
Overlay's loan commitment will fund interconnection deposit needs for at least four project sites Surya Powered is developing in Illinois. The projects support Illinois clean energy goals and reliability in the market by supporting the distribution-level grid. Overlay's financing is designed to create value by solidifying utility progression while removing pressure to finance the assets on a suboptimal timeline.
The projects add to Overlay's portfolio of more than 75 MW distributed generation assets financed in Illinois. Overlay continues to support developers by easing cash flow constraints, increasing project throughput, and enabling teams to remain focused on value creation throughout the development process.
As access to the grid increasingly becomes the critical pathway to project success across both generation and load, Overlay's non-dilutive financing structures enable developers to compete more effectively with large, vertically integrated market participants. In markets where speed and access to capital often determine outcomes, Overlay helps developers secure valuable queue positions, advance projects through interconnection, and bring more assets to fruition than would otherwise be possible using their own balance sheets.
"Surya Powered distinguished themselves through an exceptionally thorough and deliberate development process," said Eric Rubinstein, Managing Partner, Energy at Overlay Capital. "Overlay is excited to support the Surya Powered team with interconnection capital, backing a group that prioritizes thoughtful and rigorous project development to drive these assets to completion."
"By building generation capacity within Illinois, these projects help reinforce a more self-reliant and secure energy system," said Akshar Patel, Managing Partner at Surya Powered. "They also deliver long-term economic value to landowners, support local communities, and broaden the availability of reliable, low-cost renewable power to enhance grid resilience and adaptability."
"We enjoyed working with Eric Rubinstein, Ashton Kille, Chadd Evans and the entire Overlay Capital team," said Tej Patel, Managing Partner at Surya Powered. "Surya Powered continues to expand its Illinois portfolio, with over 50 MW of community solar assets under development. We are excited to build on this momentum and continue growing with strong partners in the region."
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 Surya Powered
Surya Powered is an Illinois-based developer of renewable energy and battery energy storage projects, focused on building reliable, community-driven energy infrastructure. With a disciplined approach to development and a proven ability to execute, Surya Powered is helping accelerate clean energy growth across Illinois while delivering lasting value for local communities and the grid. For more information, see SuryaPowered.com.