Arcadia closes USD-200m funding round led by JP Morgan unit

Community solar park. Source: Arcadia.

May 11 (Renewables Now) - Arcadia, a US-based technology company that manages community solar assets and provides companies with utility data, has raised USD 200 million (EUR 189.6m) in a funding round led by JP Morgan Asset Management’s Sustainable Growth Equity Team.

Arcadia creates access to energy data and renewable energy sources through its technology platform, called Arc, and its community solar programme. The platform provides access to data from 125 utilities across the country, covering over 80% of US electric utility accounts.

In April, Arcadia passed 700 MW of community solar under management in the US.

The firm plans to use the financing to broaden data coverage to include commercial utility data and to expand Arc to new use cases. This will include assisting companies in reaching their sustainability objectives.

Apart from JP Morgan, the funding round was backed by new investors Keyframe Capital, Broadscale Group and Triangle Peak Partners, as well as existing partners Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures and Drawdown Fund, among others.

(USD 1.0 = EUR 0.948)

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