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<a href="https://palmetto.com/about" target="_blank" rel="noopener">Palmetto</a>, a provider of residential solar solutions, raised over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans in the U.S.
The LightReach energy plans enable homeowners to deploy rooftop solar and storage systems with a $0 upfront investment and stable monthly payments. These plans offer savings over local utility rates within the first year, without interest, dealer fees, or lifetime maintenance costs, as per the company.
Palmetto LightReach energy leases are part of the company’s efforts to make it affordable and easier for customers to switch to clean energy sources.
Morgan Stanley, Truist Bank, and other prominent financial institutions are among the group of investors who fund the residential energy leases nationwide.
The company began offering the plans towards the end of 2023 after realizing the limitations of existing financing options with the customers. To date, more than 20,000 households have adopted solar energy through the company’s LightReach solar lease or power purchase agreement energy plans.
&#8220;We invested over $200m over the past 8 years in our operating systems, which first scaled a singular product, solar power, and now extended to a far broader product catalogue. Consumer financing, alongside other additional strategic growth areas, leverage our tech-enabled scaling capabilities.  We will continue to grow and service our consumer base at a rapid rate; Palmetto LightReach is a great example of what we&#8217;re capable of executing,&#8221; said Chris Kemper, Founder, CEO and Chairman of Palmetto.
According to Mercom’s recently released Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
This week, HA Sustainable Infrastructure Capital, an investor in climate solutions, announced the <a href="https://cms.mercomindia.com/hasi-and-igs-solar-close-structured-equity-financing-for-residential-systems/" target="_blank" rel="noopener">closing</a> of a structured equity financing with IGS Solar, a solar finance company and an affiliate of IGS Energy, to finance residential solar and energy storage systems in the U.S. The company did not disclose the financial details of the deal.

Palmetto Secures $1.2 Billion Financing for Residential Solar Systems

Palmetto, a provider of solar-based software solutions, <a href="https://cms.mercomindia.com/residential-solar-solutions-provider-palmetto-raises/" target="_blank" rel="noopener">announced</a> $150 million in funding from TPG Rise Climate, investing strategy of TPG&#8217;s global impact investing platform TPG Rise. Additional terms of the investment were not disclosed. Palmetto provides solar software solutions to connect buyers, sellers, lenders, and installers through a single platform. With this investment, the company plans to expand its software ecosystem and accelerate its growth and expansion.
United States-based equity investment firm GQG Partners has closed a major deal involving secondary block trade <a href="https://mercomindia.com/gqg-partners-invests-adani-companies/" target="_blank" rel="noopener">transactions</a> amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share. Adani Transmission received ₹18.98 billion (~$230.54 million) for 28.4 million shares at ₹668.4 (~$8.12) per share. The investment in Adani Green Energy stood at ₹28.06 billion (~$340.81 million) for 55.6 million shares at ₹504.6 (~$6.13) per share.
Sakuu Corporation, a provider of solid-state battery solutions, <a href="https://cms.mercomindia.com/sakuu-goes-public-via-a-spac-deal/" target="_blank" rel="noopener">entered</a> into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company, for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the company at an enterprise value of $705 million. The transaction is expected to close in the third quarter of 2023.
Renewable energy company Greenko Group announced the signing of definitive agreements for a primary equity <a href="https://mercomindia.com/greenko-700-million-pumped-storage/" target="_blank" rel="noopener">raising</a> of $700 million from affiliates of Singapore&#8217;s sovereign wealth fund GIC, ORIX Corporation, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The company will use the $700 million investment towards the capital expenditure of pumped storage projects with a more than 25 GWh storage capacity, enabling 45 billion units of dispatchable carbon-free energy.
Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary of Tata Power, has <a href="https://mercomindia.com/tata-power-renewable-sale-shares-greenforest/" target="_blank" rel="noopener">approved</a> the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million). The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) each in TPREL by GreenForest.
RWE, a German power generation company, has <a href="https://cms.mercomindia.com/rwe-acquires-solar-and-battery-storage-company-jbm-solar/" target="_blank" rel="noopener">acquired</a> JBM Solar, an independent solar and battery storage developer based in the U.K. The company bought JBM Solar from renewables investor Susgen for an undisclosed sum. The acquisition will add a pipeline of more than 6 G.W. to RWE&#8217;s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.
Energy-focused private equity firm EIG Partners has<a href="https://cms.mercomindia.com/solar-projects-developer-industrial-sun-receives-90-million-in-funding/" target="_blank" rel="noopener"> invested</a> $90 million in Industrial Sun, a utility-scale solar projects developer owned by U.S. clean energy company Modern Energy. This new investment brings EIG Partners&#8217; total investment in Modern Energy and its affiliate to $190 million, following the debt financing completed in mid-2020.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-eo-charging-raises-80-million-in-equity-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Solutions Provider Palmetto Raises $150 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-palmetto-raises-150-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Palmetto, a provider of solar-based software solutions, <a href="https://mercomcapital.com/residential-solar-solutions-provider-palmetto-raises/" target="_blank" rel="noopener">announced</a> $150 million in funding from TPG Rise Climate, investing strategy of TPG&#8217;s global impact investing platform TPG Rise. Additional terms of the investment were not disclosed. Palmetto provides solar software solutions to connect buyers, sellers, lenders, and installers through a single platform. With this investment, the company plans to expand its software ecosystem and accelerate its growth and expansion.
United States-based equity investment firm GQG Partners has closed a major deal involving secondary block trade <a href="https://mercomindia.com/gqg-partners-invests-adani-companies/" target="_blank" rel="noopener">transactions</a> amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share. Adani Transmission received ₹18.98 billion (~$230.54 million) for 28.4 million shares at ₹668.4 (~$8.12) per share. The investment in Adani Green Energy stood at ₹28.06 billion (~$340.81 million) for 55.6 million shares at ₹504.6 (~$6.13) per share.
Sakuu Corporation, a provider of solid-state battery solutions, <a href="https://mercomcapital.com/sakuu-goes-public-via-a-spac-deal/" target="_blank" rel="noopener">entered</a> into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company, for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the company at an enterprise value of $705 million. The transaction is expected to close in the third quarter of 2023.
Renewable energy company Greenko Group announced the signing of definitive agreements for a primary equity <a href="https://mercomindia.com/greenko-700-million-pumped-storage/" target="_blank" rel="noopener">raising</a> of $700 million from affiliates of Singapore&#8217;s sovereign wealth fund GIC, ORIX Corporation, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The company will use the $700 million investment towards the capital expenditure of pumped storage projects with a more than 25 GWh storage capacity, enabling 45 billion units of dispatchable carbon-free energy.
Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary of Tata Power, has <a href="https://mercomindia.com/tata-power-renewable-sale-shares-greenforest/" target="_blank" rel="noopener">approved</a> the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million). The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) each in TPREL by GreenForest.
RWE, a German power generation company, has <a href="https://mercomcapital.com/rwe-acquires-solar-and-battery-storage-company-jbm-solar/" target="_blank" rel="noopener">acquired</a> JBM Solar, an independent solar and battery storage developer based in the U.K. The company bought JBM Solar from renewables investor Susgen for an undisclosed sum. The acquisition will add a pipeline of more than 6 G.W. to RWE&#8217;s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.
Energy-focused private equity firm EIG Partners has<a href="https://mercomcapital.com/solar-projects-developer-industrial-sun-receives-90-million-in-funding/" target="_blank" rel="noopener"> invested</a> $90 million in Industrial Sun, a utility-scale solar projects developer owned by U.S. clean energy company Modern Energy. This new investment brings EIG Partners&#8217; total investment in Modern Energy and its affiliate to $190 million, following the debt financing completed in mid-2020.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-eo-charging-raises-80-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://palmetto.com/" target="_blank" rel="noopener">Palmetto</a>, a provider of residential solar solutions, raised $150 million in funding from TPG Rise Climate, an investing arm of TPG Rise, a private equity firm.
Palmetto manages the entire home solar process with a fully functional operating platform that includes sales, design, engineering, permitting, and fulfillment.
The company plans to use the funding to expand its software and technology platform, which helps individuals, small businesses, and large corporations access and grow in the clean energy economy.
&#8220;We&#8217;ve been working hard to reduce consumer costs, drive transparency and deliver a delightful consumer experience. 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&#8217;t serving the consumer as optimally as they deserve,&#8221; said Chris Kemper, Founder, and Chief Executive Officer at Palmetto.
&#8220;Palmetto&#8217;s digitally enabled end-to-end platform creates efficiencies along every step of the residential solar ownership process, from sales and financing to installation and service and maintenance. As a result, customers benefit from cost-effective home solutions, accelerated project timelines, and more reliable and affordable energy,&#8221; said Steven Mandel, Business Unit Partner at TPG Rise Climate.
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.
According to Mercom&#8217;s Annual and Q4 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, the total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion in 2022.
Earlier this year, SunRoof, a Sweden-based rooftop solar systems provider, <a href="https://cms.mercomindia.com/rooftop-solar-firm-sunroof-raises-30-8-million-to-fund-expansion-plans/" target="_blank" rel="noopener">announced</a> a €13.5 million (~$14.6 million).

Residential Solar Solutions Provider Palmetto Raises $150 Million

<a href="https://palmetto.com/about/media-center/press-release/palmetto-raises-375-million-to-accelerate-residential-clean-energy-independence" target="_blank" rel="noopener">Palmetto</a>, a clean energy marketplace and a provider of solar energy consumption analytics solutions for residential solar, raised $375 million to accelerate its residential solar solutions across the U.S.
The funding round was led by Social Capital, with participation from new and existing investors including, ArcTern Ventures, Gaingels, Lerer Hippeau, and MacKinnon, Bennett &amp; Co.
Palmetto will use the funds to invest in growing its marketplace of independent contractors and the technology, people, and resources to maintain &#8211; and over time grow &#8211; its overall operating efficiencies to expand its addressable market.
Currently, the residential solar market primarily consists of asset-heavy, low-margin business models, making the transition to a clean energy system expensive for both homeowners and providers. While residential solar represents a more than $100 billion total addressable market, only 3% of the more than 70 million homes across the U.S. utilize solar energy.
The Palmetto Energy Marketplace helps homeowners estimate utility costs saved by switching to solar and work with a team of local solar experts to design and install a system that matches their needs.
Chris Kemper, Chairman, Founder, and CEO of Palmetto, said: &#8220;Palmetto is the first distributed energy company built from a software foundation, which enables us to scale unlike any other clean energy provider and make real progress towards our mission of mitigating climate change. I honestly believe that in the same way the cell phone fundamentally changed the telecom market, Palmetto has the opportunity to do the same to the centralized fossil fuel industry.&#8221;
Earlier this month, Above, a solar data, and analytics company, <a href="https://cms.mercomindia.com/solar-data-analytics-company-above-raises-funding/" target="_blank" rel="noopener">secured</a> a £2.4 million (~$3.2 million) investment from the Clean Growth Fund, the UK venture capital fund that invests in early-stage clean energy technology companies.

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