US community solar provider Common Energy said on Tuesday it has received a USD-16.5-million (EUR 15.6m) investment from a unit of social and environmental impact platform Builders Vision to scale up its business.
The New York-based firm enables homeowners and businesses to transition to clean energy by enrolling in a programme that connects them with local clean energy projects through their utility. Power contracted through its platform is offered at a discount price.
The fresh capital will help Common Energy expand consumer access to community solar photovoltaic (PV) projects across the US, further grow its management platform and management and operating teams.
Builders Vision took part in the funding round through its direct investment team S2G Ventures.
"This investment will enable Common Energy to accelerate our efforts to bring clean energy to more households and communities across the country, and to further reduce greenhouse gas emissions,” said Richard Keiser, CEO and founder of Common Energy.
The US has set a goal of installing enough community solar capacity to power the equivalent of five million households by 2025. According to research and consultancy group Wood Mackenzie, the US community solar market is expected to add 4.5 GW of capacity in the next five years, helped by the release of support programmes. Last year, the sector brought online 957 MW of new installations.
(USD 10 = EUR 0.947)
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