Israel's Solegreen to inject USD 104m into US solar installer Kuubix

Rooftop PV installation. Image by: Kuubix.

April 15 (Renewables Now) - Israeli renewables project developer Solegreen Ltd (TLV:SLGN) will invest up to USD 104 million (EUR 87.3m) in California-based solar installer Kuubix, supporting its expansion across the US.

Kuubix announced the investment agreement on Tuesday, saying that "substantial" funds will be allocated to building a direct-to-consumer marketing operation. The company, operating since 2016, focuses on the design and installation of residential and commercial solar systems.

"The partnership with Solegreen will free up funds to go deep with selected dealerships to help them grow in all our markets - California, Texas, Florida, and Nevada this year and then nationwide in 2022," said Kuubix chief executive Josh Butt.

Under the deal, Solegreen will make the investment in the form of equity and convertible loans over the next two years. The move aligns with its goal to boost its operations in the US in 2021.

According to the statement, Solegreen has 23 MW of installed PV capacity. The company also has 49 MW of projects in advanced construction, as well as 680 MW in the pipeline.

(USD 1.0 = EUR 0.839)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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