# Generate Capital
Generate Capital, PBC is a San Francisco-based sustainable infrastructure investment and operating company, founded in 2014, that builds, finances, owns, and operates distributed energy and resource assets across North America; it remains independent and operating as of September 2026.[1](https://www.powermag.com/generate-capital-closes-117-million-in-financing-for-community-solar/) It is structured as a Delaware public benefit corporation.[2](https://www.sec.gov/Archives/edgar/data/1717486/000171748623000001/xslFormDX01/primary_doc.xml?stream=top)
| Key fact | Detail |
|---|---|
| Founded | December 4, 2014, San Francisco; co-founders Jigar Shah, Scott Jacobs, Matan Friedman; chairman Jason Fish[3](https://generatecapital.com/renewable-energy-industry-veterans-launch-generate-capital-first-dedicated-resource-efficiency-finance-company/) |
| Structure | Delaware public benefit corporation (CIK 0001717486)[2](https://www.sec.gov/Archives/edgar/data/1717486/000171748623000001/xslFormDX01/primary_doc.xml?stream=top) |
| Capital raised | $16.4 billion self-reported as of 2025[7](https://generatecapital.com/wp-content/uploads/2026/01/Generate-Climate-Risk-Report-Dec-2025.pdf) |
| Portfolio | More than 2,000 owned assets, 50+ developer partnerships, $2.4 billion in sustainable infrastructure credit (self-reported)[4](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm) |
| Major investors | CalSTRS, HESTA, QIC, AustralianSuper[5](https://www.businesswire.com/news/home/20240130298422/en/Leading-Global-Institutions-Invest-in-a-Clean-Energy-Future-With-Generate-Capital) |
| Recent financings | $1.5B equity (Jan 2024), $1.2B credit facilities (Nov 2024), ~$1.4B commitments in H1 2026[5](https://www.businesswire.com/news/home/20240130298422/en/Leading-Global-Institutions-Invest-in-a-Clean-Energy-Future-With-Generate-Capital) • [6](https://www.businesswire.com/news/home/20241120294323/en/Generate-Capital-Secures-%241.2-Billion-Corporate-Credit-Facilities-to-Drive-Sustainable-Infrastructure-Growth) • [1](https://www.powermag.com/generate-capital-closes-117-million-in-financing-for-community-solar/) |
| Status | Independent and operating as of September 2026[1](https://www.powermag.com/generate-capital-closes-117-million-in-financing-for-community-solar/) |
## History and founding
Generate Capital launched on December 4, 2014 as a San Francisco specialty finance company for small-scale, resource-efficient infrastructure. Its co-founders were President Jigar Shah, the founding CEO of SunEdison and the Carbon War Room; Chief Executive Officer Scott Jacobs, a co-founder of [McKinsey & Company](https://www.edgepedia.org/mckinsey-and-company)'s global CleanTech practice and of the investment firm EFW Partners; and Chief Investment Officer Matan Friedman, with Jason Fish as chairman.[3](https://generatecapital.com/renewable-energy-industry-veterans-launch-generate-capital-first-dedicated-resource-efficiency-finance-company/)
At launch, Generate targeted typical projects of $2 million to $20 million in commercial-scale renewable energy generation, heating equipment retrofits, energy storage, urban farms, and wastewater treatment technologies.[3](https://generatecapital.com/renewable-energy-industry-veterans-launch-generate-capital-first-dedicated-resource-efficiency-finance-company/)
## What Generate does: the Infrastructure-as-a-Service model
Generate is not purely a lender or a fund manager; it builds, finances, owns, and operates assets itself. Its trademarked Infrastructure-as-a-Service model, as the company describes it, is a "one-stop shop" for capital, innovators, customers, and communities, delivering resources to thousands of customers, companies, communities, school districts, and universities.[5](https://www.businesswire.com/news/home/20240130298422/en/Leading-Global-Institutions-Invest-in-a-Clean-Energy-Future-With-Generate-Capital) The model lets customers benefit from resource productivity solutions without allocating their own capital expenses.[3](https://generatecapital.com/renewable-energy-industry-veterans-launch-generate-capital-first-dedicated-resource-efficiency-finance-company/)
Since 2014 the firm has invested in and operated assets across seven sectors: power, mobility, waste, green digital, water, agriculture, and industrial decarbonization.[4](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm) Heatmap News describes the model as designed to bridge the "missing middle" in the climate tech ecosystem, the gap between venture capital and traditional infrastructure investment.[8](https://heatmap.news/climate-tech/generate-capital-layoffs)
## Funding and investors (by the numbers)
Generate's SEC Form D record shows large private offerings. A 2023 notice for equity and pooled investment fund interests reported a first sale date of December 23, 2022 and a total amount sold of $880,604,455, fully subscribed.[2](https://www.sec.gov/Archives/edgar/data/1717486/000171748623000001/xslFormDX01/primary_doc.xml?stream=top) The company's self-reported totals are larger: over $10 billion as of January 2024,[5](https://www.businesswire.com/news/home/20240130298422/en/Leading-Global-Institutions-Invest-in-a-Clean-Energy-Future-With-Generate-Capital) more than $14 billion as of September 2025,[4](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm) and $16.4 billion as of 2025 across corporate equity, corporate debt, portfolio debt, and tax equity.[7](https://generatecapital.com/wp-content/uploads/2026/01/Generate-Climate-Risk-Report-Dec-2025.pdf) The two measures are not directly comparable, and the sources do not reconcile them.
In January 2024 Generate closed a $1.5 billion capital raise joined by new investors CalSTRS, described in the announcement as the world's largest educator-only pension fund, and HESTA, alongside existing investors QIC and AustralianSuper.[5](https://www.businesswire.com/news/home/20240130298422/en/Leading-Global-Institutions-Invest-in-a-Clean-Energy-Future-With-Generate-Capital) In November 2024 it announced a $1.2 billion revolving credit facility and term loan with a sustainability-linked pricing adjustment, following that equity raise.[6](https://www.businesswire.com/news/home/20241120294323/en/Generate-Capital-Secures-%241.2-Billion-Corporate-Credit-Facilities-to-Drive-Sustainable-Infrastructure-Growth)
## Business, portfolio and traction
The company's own disclosures state that it owns more than 2,000 assets, holds more than 50 partnerships with technology providers and developers, and has invested over $2.4 billion across sustainable infrastructure credit since inception.[4](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm) Its December 2025 Climate Risk Report states it has $9 billion invested across North America and select international markets.[7](https://generatecapital.com/wp-content/uploads/2026/01/Generate-Climate-Risk-Report-Dec-2025.pdf)
Generate has also become a direct lender to data-center projects. On September 16, 2025, Soluna Holdings announced the close of a credit facility of up to $100 million from Generate, with an initial $12.6 million draw to refinance and construct active data center projects.[4](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm) In September 2026 Generate closed a $117 million term debt facility with MUFG for Community Solar Fund 11, 18 projects totaling 114 MWdc across Illinois and New York, its first community solar financing with MUFG.[1](https://www.powermag.com/generate-capital-closes-117-million-in-financing-for-community-solar/)
## Recent developments
The 2024–2026 period brought a step-up in scale and a shift in emphasis. The $1.5 billion equity raise in January 2024 and the $1.2 billion credit facilities in November 2024 were followed by a leadership addition: Bill [Sonneborn](https://www.edgepedia.org/sonneborn) joined as President in November 2024.[6](https://www.businesswire.com/news/home/20241120294323/en/Generate-Capital-Secures-%241.2-Billion-Corporate-Credit-Facilities-to-Drive-Sustainable-Infrastructure-Growth) The Soluna facility in 2025 shows the firm lending to data-center and AI-linked power demand.[4](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm) In the first half of 2026 it closed approximately $1.4 billion of financing commitments across community solar, battery storage, and energy efficiency.[1](https://www.powermag.com/generate-capital-closes-117-million-in-financing-for-community-solar/)
## References
1. [Generate Capital Closes $117-Million in Financing for Community Solar (POWER Magazine, September 2026)](https://www.powermag.com/generate-capital-closes-117-million-in-financing-for-community-solar/)
2. [SEC Form D — Generate Capital, PBC (CIK 0001717486)](https://www.sec.gov/Archives/edgar/data/1717486/000171748623000001/xslFormDX01/primary_doc.xml?stream=top)
3. [Renewable energy industry veterans launch Generate Capital (company launch announcement, Dec 4, 2014)](https://generatecapital.com/renewable-energy-industry-veterans-launch-generate-capital-first-dedicated-resource-efficiency-finance-company/)
4. [Soluna Holdings press release (Sept 16, 2025) — up to $100M Generate Capital credit facility](https://www.sec.gov/Archives/edgar/data/64463/000149315225013614/ex99-1.htm)
5. [Generate Capital $1.5 billion capital raise (Business Wire, Jan 30, 2024)](https://www.businesswire.com/news/home/20240130298422/en/Leading-Global-Institutions-Invest-in-a-Clean-Energy-Future-With-Generate-Capital)
6. [Generate Capital Secures $1.2 Billion Corporate Credit Facilities (Business Wire, Nov 20, 2024)](https://www.businesswire.com/news/home/20241120294323/en/Generate-Capital-Secures-%241.2-Billion-Corporate-Credit-Facilities-to-Drive-Sustainable-Infrastructure-Growth)
7. [Generate Capital Climate Risk Report (December 2025)](https://generatecapital.com/wp-content/uploads/2026/01/Generate-Climate-Risk-Report-Dec-2025.pdf)
8. [After Replacing Its CEO, Generate Capital Lays Off Staff (Heatmap News)](https://heatmap.news/climate-tech/generate-capital-layoffs)
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*Topic: Encyclopedia › Technology and the built world › Energy technology › Renewable energy and biofuels*
*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026 · Edited: Sep 30, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Sep 30, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license