Commercial Solar Project Finance
Top 10 Commercial Solar Project Finance Companies
If you are raising debt for a commercial solar project, lender selection matters as much as project quality. The market is deep, but approvals are not random. Banks and institutional desks tend to back familiar structures: contracted cash flows, bankable EPC and O&M packages, clear site control, and a clean legal stack.
This page gives you a practical top-10 list and a straight path to position your file for real lender engagement.
The list below uses major project finance activity as the starting screen, then cross-checks each name against visible solar transaction activity. This gives you a usable shortlist for commercial solar debt outreach, not a hype list.
Method used for this ranking:
the 2024 global project finance MLA top 10 is used as the base ranking. Solar credentials are then attached from recent reported solar financings and lender disclosures. This keeps the list objective while still solar-relevant.
The Top 10 List
| Rank |
Company |
2024 MLA Volume (USDm) |
Deals |
Commercial Solar Evidence |
| 1 |
MUFG |
26,171 |
196 |
Named in a lender club for ContourGlobal's Black Hollow Sun project in Colorado. |
| 2 |
SMBC |
21,676 |
158 |
Arranged green financing tied to solar panels and battery deployments under a renewable framework. |
| 3 |
Santander CIB |
16,420 |
119 |
Jointly led Swift Air Solar II and III financing in Texas with Natixis CIB. |
| 4 |
Societe Generale |
16,165 |
147 |
Mandated Lead Arranger in a €302M debt raise financing a pan-European PV portfolio. |
| 5 |
Credit Agricole CIB |
14,416 |
140 |
Participated in Black Hollow Sun lender club and active in recent renewables financings. |
| 6 |
Natixis CIB |
13,862 |
109 |
Sole bookrunner on MN8 financing for a 517 MWdc U.S. solar asset portfolio. |
| 7 |
BNP Paribas |
13,108 |
114 |
Part of Engie's $1B U.S. tax equity package covering 950 MW of solar capacity. |
| 8 |
Mizuho |
11,821 |
105 |
Mandated lead arranger in a large Singapore rooftop solar financing package. |
| 9 |
ING |
11,415 |
104 |
Active in U.S. solar debt club deals and publicly scaling annual renewable power financing targets. |
| 10 |
BBVA |
11,294 |
94 |
Joint lead arranger and green loan coordinator for a 300 MW Mexico solar portfolio refinancing. |
Which Type Of Sponsor Each Lender Usually Fits
MUFG
Best fit:
utility-scale projects and portfolio operators with multi-jurisdiction pipelines.
What they like:
clean EPC wrap, strong contractor set, and disciplined risk allocation.
SMBC
Best fit:
sponsors combining generation with storage or broader transition assets.
What they like:
clear use-of-proceeds framework and bankable green finance structure.
Santander CIB
Best fit:
U.S. and Europe developers with contracted offtake and repeatable build programs.
What they like:
established operating history and clear long-term counterparty risk profile.
Societe Generale
Best fit:
platform-level financing and scaled portfolio transactions.
What they like:
consolidation stories with measurable construction-to-operations roadmap.
Credit Agricole CIB
Best fit:
large projects and portfolio refinancings across Europe and Asia.
What they like:
lender-grade model quality and clear security package from day one.
Natixis CIB
Best fit:
growth-stage IPPs needing construction bridge or structured term debt.
What they like:
sponsor credibility plus coherent expansion logic.
BNP Paribas
Best fit:
transactions where tax equity, debt, and market risk need close coordination.
What they like:
contracted revenues and transparent downside cases in the model.
Mizuho
Best fit:
sponsors active in Asia-Pacific with institutional governance and repeat deal flow.
What they like:
clear delivery capability across construction and operating stages.
ING
Best fit:
developers and infra sponsors building medium-to-large renewable portfolios.
What they like:
strong ESG documentation tied to financial performance discipline.
BBVA
Best fit:
Iberia and LatAm solar sponsors, especially PPA-backed portfolios.
What they like:
refinance-ready assets with structured reserve and LC packages.
How To Increase Approval Odds Before You Launch
| Workstream |
Minimum Standard |
Why It Matters |
| Revenue Contracting |
Executable PPA or defensible merchant strategy with downside case |
Credit teams underwrite cash flow certainty first, then asset quality. |
| EPC and O&M Stack |
Counterparty strength, liquidated damages logic, and timeline realism |
Construction and performance risk drives pricing, covenants, and holdbacks. |
| Permits and Site Rights |
Full permit map with hard status dates and land control evidence |
Missing permits can stop a file before commercial terms are discussed. |
| Model and Sensitivities |
Debt model with DSCR, P50/P90, curtailment, and price stress cases |
Weak model discipline signals weak execution discipline. |
| Security Package |
Draft collateral scope, account control logic, and intercreditor concept |
Lenders price legal enforceability, not just project story. |
| Data Room Quality |
Indexed, version-controlled, and lender-ready from first circulation |
Faster diligence cycle means faster credit committee path. |
Reality check:
no lender is a universal fit. The right approach is targeted routing, not broad blasting. Sending a weak file to ten banks does not create leverage. It creates ten declines.
Where Financely Fits In
Financely runs transaction-led execution for sponsors who want a controlled process: underwriting-grade memo preparation, lender mapping by ticket and risk appetite, managed Q&A workflow, and deal tracking through decisioning.
For files that include layered structures, we also help shape the capital stack so senior debt, junior tranche, and first-loss support are presented in a lender-credible format from day one.
Need Debt For A Commercial Solar Project?
Send your deal with target amount, stage, offtake status, and timeline. We will screen fit and define the execution path.
FAQ
Is this list only about solar lenders?
No. The base ranking comes from global project finance league data, then filtered with current solar activity evidence so the list stays practical for commercial solar sponsors.
Do these firms only fund utility-scale projects?
Most are strongest in utility-scale or portfolio financings. Some can support distributed and rooftop structures when contracts and cash flow visibility are strong.
What is usually the main reason for rejection?
Incomplete readiness: weak revenue contracting, unclear permits, soft model assumptions, or missing security architecture.
Can first-loss capital help unlock senior debt?
Yes, in many structures. A credible junior tranche can improve senior lender confidence when the legal structure and downside protections are clear.
How long does lender decisioning usually take?
It depends on file quality and complexity. Strong files move faster because diligence questions are anticipated and pre-answered in the initial pack.
Does Financely guarantee funding?
No. Services are provided on a best-efforts advisory and placement basis, subject to underwriting, legal, compliance, and final lender approvals.