38 Degrees North, a Sausalito, CA-based provider of a community solar and distributed renewables platform, has closed on a growth equity investment from S2G Ventures.
The amount of the deal was not disclosed. As part of the transaction, S2G’s Priyanka Duvvuru and Francis O’Sullivan will join 38 Degrees North’s board of directors.
The company intends to use the funds to accelerate its growth by partnering with local communities, customers, and community and distributed solar and storage developers to deploy capital into assets across the development spectrum.
Led by Managing Directors Ryan Bennett, and Chris Bailey, and Jake Carney, 38 Degrees North is an established platform focused on development-stage and construction-ready distributed generation and community solar projects. To date, the company has aggregated, financed, constructed, and managed over 400 MW across over 100 projects through partnerships with high-quality institutional investor partners.
The company has also entered into an agreement to acquire community solar assets from Community Power Group (“CPG”) in New York. With the CPG agreement, 38 Degrees North will acquire a portfolio of 10 community solar projects totaling 62 megawatts in New York state.
FinSMEs
24/01/2024