Sungevity Raises $125 Million for Residential Solar
Clean Edge News
Sungevity, a residential solar company, recently announced the completion of a series of venture capital and project financings, securing up to $125 million to support the company’s growth initiatives.
The funding includes $40 million in equity financings raised in 2012 led by Oakland-based impact investment fund, Brightpath Capital Partners, and home improvement retailer, Lowe’s. New equity investors Vision Ridge Partners, Craton Equity Partners and Eastern Sun Capital Partners, LLC, also participated. The funding also includes a combined $85 million in new project financing commitments from two parties – Energy Capital Partners (ECP) and a leading commercial bank. Sungevity’s new project financings will be used to support the development of solar projects across the nine states the company currently services: Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York. The company also has a presence in Europe through Netherlands-based, Zonline, and in Australia through a joint venture called Sungevity Australia.
“There is a chasm between the reality and perception of residential solar’s rapid growth,” said David Asarnow, Principal at Craton Equity Partners. “Our backing reflects our confidence that Sungevity’s smart and uniquely low-cost model will lead the way across that chasm.”
The $125 million in funding follows a series of strategic achievements and significant growth, including doubling the number of annual installations every year since the company started, expanding to Australia (the company’s second international market) and filling four executive positions in the third quarter of 2012.