Business

Baltimore-based Sunstone Credit Inc., a technology-enabled clean energy financing platform that helps businesses go solar, Tuesday announced an oversubscribed $20 million Series A funding round. The round was led by an affiliated fund of Greenbacker Capital Management LLC, which provides flexible capital and best-in-class guidance for growth-stage clean energy companies. Sunstone is on a mission to help more businesses go solar by providing simple and cost-effective loan financing. Even as a confluence of factors drive business demand for clean energy, including tax incentives, customer preferences for sustainability, and a need for resilient power access, most companies have not had access to loan financing for solar installations in the past.

Three Maryland stores are among 87 more namesake Bed Bath & Beyond Inc. outlets the retailer said Friday that it will close, in addition to the 150 locations already on the chopping block. Bed Bath & Beyond also said it will shutter all of its Harmon Face Values health and beauty stores. The company has 50 Harmon stores, located in New Jersey, New York, California, Nevada, Florida and Connecticut. Also slated for closure are five stores under the company’s BuyBuy Baby brand.

National industrial developer Trammell Crow Co. is growing its footprint again on the Interstate 95 corridor. The developer recently acquired 20 additional acres in rural Elkton to expand its ongoing Elkton Commerce Center industrial project near the Maryland-Delaware line. Trammell Crow’s deal for the 20 extra acres in Elkton will add to the company’s plan to develop the commerce center off Route 40 in Cecil County that kicked off in 2021. The entire logistics and warehouse complex will now total 319 acres. The first warehouse, which stretches 766,000 square feet, is already complete. A second facility of 330,000 square feet is now in the works, said Chris Rodriguez, a Trammell Crow principal, on Monday.

Diamond Sports Group, a subsidiary of Hunt Valley-based Sinclair Broadcast Group Inc., may be headed for Chapter 11 bankruptcy, according to Bloomberg. Bloomberg reported Wednesday that Diamond, the TV home for more than half of all MLB, NHL and NBA teams, is likely to skip a $140 million interest payment in February on the company’s $8.6 billion in debt. According to Bloomberg, Diamond Sports is preparing for a possible Chapter 11 restructuring of debt the company used in 2019 to buy regional sports networks.

Achieving the aggressive offshore wind power goals of the federal government and individual states will require billions of dollars in spending on transmission infrastructure, “unprecedented” cooperation between grid operators and federal and state agencies, and would be aided by major buildout of a domestic supply chain, per a pair of recent reports. Coastal states across the country, from California to Louisiana to Maine, are pushing for offshore wind projects, but the reports see potential bottlenecks looming, both in the supply chain to build and install turbines as well as in the ability to bring the electricity ashore

Deloitte’s philanthropy arm is expanding its scholarship program for students pursuing master’s degrees in accounting at the University of Maryland to diversify the future talent pool of certified public accountants. The Deloitte Foundation Accounting Scholars Program is adding the University of Maryland’s Robert H. Smith School of Business into the mix, now eligible for a $30 million pot of scholarship funding disbursed over the next few years. The Smith School and other institutions partner with the Deloitte Foundation on covering 100% of tuition for the students who are selected.