Neighborhood photo voltaic supplier Widespread will get USD-16.5m money injection

Might 11 (Renewables Now) – US group photo voltaic supplier Widespread Power mentioned on Tuesday it has obtained a USD-16.5-million (EUR 15.6m) funding from a unit of social and environmental impression platform Builders Imaginative and prescient to scale up its enterprise.

The New York-based agency allows owners and companies to transition to scrub power by enrolling in a programme that connects them with native clear power initiatives by their utility. Energy contracted by its platform is obtainable at a reduction worth.

The contemporary capital will assist Widespread Power broaden shopper entry to group photo voltaic photovoltaic (PV) initiatives throughout the US, additional develop its administration platform and administration and working groups.

Builders Imaginative and prescient took half within the funding spherical by its direct funding crew S2G Ventures.

“This funding will allow Widespread Power to speed up our efforts to convey clear power to extra households and communities throughout the nation, and to additional scale back greenhouse fuel emissions,” mentioned Richard Keiser, CEO and founding father of Widespread Power.

The US has set a purpose of putting in sufficient group photo voltaic capability to energy the equal of 5 million households by 2025. In response to analysis and consultancy group Wooden Mackenzie, the US group photo voltaic market is predicted so as to add 4.5 GW of capability within the subsequent 5 years, helped by the discharge of assist programmes. Final yr, the sector introduced on-line 957 MW of recent installations.

(USD 10 = EUR 0.947)

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