US community solar service provider Perch Energy has secured US$30 million from investment company Nuveen.
Perch Energy said the investment will support the continued development of Perch Energy’s clean energy tech platform, fund expansion into new sales channels, products, and community solar markets, scale operations and customer care services.
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Moreover, the partnership will also provide Perch Energy with access to Nuveen’s portfolio of affordable housing units and residential apartments. Perch Energy said reaching low-to-moderate-income (LMI) consumers is key to democratising solar energy and ensuring that the clean energy future is equitable.
“Bolstering Perch’s already robust anchor, commercial, residential and low- and middle-income customer acquisition capabilities, Nuveen’s investment and affordable housing portfolio makes us even stronger to deliver on our client’s capacity targets and to meet the LMI mandates in both state and federal Inflation Reduction Act (IRA) regulations,” said Bruce Stewart, Perch Energy president and CEO.
“Most importantly, it broadens our horizons for delivering discounts on electric bills to those facing barriers to entering the clean energy economy,” Stewart added.
Since its inception in 2021, Perch Energy has grown its portfolio to more than 140 community solar projects with a capacity of over 250MW.
Previously, PV Tech Premium reported that community solar in the US is set to accelerate post-IRA and new state legislation. The piece delves into the situation in California, Ohio and Minnesota, and investigates the challenges community solar still faces.