Nuveen Invests $30M to Expand Community Solar
Perch Energy, a clean energy technology platform and community solar servicer, announced a $30 million Series B investment from real estate investment manager Nuveen.
The partnership will provide the startup with access to Nuveen’s portfolio of affordable housing units and residential apartments, a target market for community solar subscribers.
Boston-based Perch, formerly BlueWave Solar, provides acquisition and management services for more than 140 active community solar projects owned by developers and asset owners. The company claims it has more than 250 mega-watts of contracted capacity in its operating portfolio and backlog.
“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,” said Bruce Stewart, Perch Energy president and CEO
Following its launch and $7.2 million Series A closing in early 2022, Perch has doubled the number of clients and markets it serves while expanding with current clients.
Community solar is especially applicable for those in affordable housing or for those who do not own their own homes because it enables them to reap the benefits of clean energy (including lower and/or stable electricity rates), without the upfront costs of going solar.
Nuveen made its first impact investment in the 1980s and now manages over $1 billion in private equity impact capital.