California-based solar sales company Sungevity has closed an equity and project financing round worth $650 million.
The $650 million financing round will support the company’s activities within the US and through its international businesses, specifically allowing the company to “further optimise its technology platform and grow into new markets and new partnerships.”
“Holy cannoli,” exclaimed a noted, usually more articulate GTM Research analyst.
The new funding includes $50 million in equity financing by existing investors, including GE Ventures, and new investors including Apollo Investment Corporation. The remaining $600 million is found in project financing from a consortium led again by Apollo Investment Corporation, and if fully deployed could lead to up to 400 MW of new solar energy capacity in the US over the next three years.
“This record investment is a testimony to the disruptive business model we’ve built in the solar market, an industry that itself is disrupting the energy landscape,” said Andrew Birch, CEO, Sungevity. “The funding allows us to extend our technology platform, enabling more partners to bring Sungevity Energy Systems to more customers in more places.”
Sungevity was earlier this year placed as the third overall US residential solar installer, though well behind market leaders SolarCity and Vivint Solar. Sungevity recently moved into the North Carolina residential solar market, the first time a nationally recognized residential solar energy provider would operate in the notoriously difficult state — as was more recently seen when the small town of Woodland rejected a solar farm based on some truly odd fears.
More interestingly, for Sungevity at least, is its involvement with Google’s Project Sunroof, which allows the company to be cost-compared against its competitors through Google’s solar calculation software.
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