Residential Solar Marketplace Palmetto Receives $150M from TPG Rise Climate
US clean energy platform Palmetto raised $150 million from private equity firm TPG’s climate investment arm TPG Rise Climate to increase clean energy adoption and access to residential solar across the US. Additional terms of the investment were not disclosed.
Palmetto said the investment will be part of its push into expanding its software and technology platform, helping individuals, small businesses and large corporations access and grow in the clean energy economy.
Launched in 2021, TPG Rise Climate pursues climate-related investments. The strategic investment in Palmetto is aimed at accelerating its growth and expansion.
“TPG Rise Climate not only has deep experience across the clean energy supply chain, but this capital will also help us leapfrog some of our consumer product lines where we feel the market competition isn’t serving the consumer as optimally as they deserve,” said Chris Kemper, Founder and Chief Executive Officer at Palmetto.
Solar energy added the most generating capacity to the grid for four consecutive years and is on track to do so again in 2023. According to forecasts from the Energy Information Administration, solar capacity is expected to grow 84% over the next two years.
Bank of America served as financial advisor to Palmetto in relation to the transaction. Latham & Watkins served as legal counsel to TPG.