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)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\