Through its Development Opportunities Fund I, Greenbacker invested in Sunrock Distributed Generation, a financing and asset aggregation platform for commercial and industrial (C&I) solar and energy storage projects across the country.
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The partnership with Greenbacker will increase Sunrock DG’s capacity to provide financing for small and medium businesses (SMBs) transitioning to solar energy. It will also enable Sunrock DG to expand its pipeline of middle-market commercial solar and storage projects.
Historically, meeting the clean energy needs of SMBs has been prohibitively expensive to address. Sunrock DG develops smaller-scale commercial solar projects that allow businesses, municipalities, and non-profits to access the financial and environmental benefits of solar power.
Given challenges in achieving economies of scale, many companies have not been able to offer attractive third-party financing products to middle-market owners. Sunrock DG points to its proprietary underwriting criteria and technology, novel financing sources, and network of over 100 developer partners across the country as its advantages in this space.
With Greenbacker’s investment, Sunrock DG is positioned even better to expand in the C&I space.
“We believe distributed generation has an inherently long tail, with the best opportunities and highest yields in the smaller end of the market,” said Benjamin Baker, Managing Director at Greenbacker. “We’re thrilled to partner with Sunrock DG to expand our presence in C&I solar and enable Sunrock DG to accelerate its growth and meet the immense demand for low-cost clean energy solutions, particularly in light of rising power prices.”
Sunrock DG was founded by an experienced team of solar development and financing professionals, including Claire Broido Johnson, who formerly co-founded SunEdison, as well as Catherine Lee and Anson Shao. The team brings a combined four decades of successful execution experience in the key areas of deal origination, underwriting, and project aggregation.
“The solar market has been ineffective at serving middle-market commercial customers for the last 20 years,” said Claire Broido Johnson. “Through our collaboration with Greenbacker and our deep network of developer partners, we’re looking forward to bringing more thoughtful financing structures to this underserved segment of the market.”
Greenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on sustainable infrastructure development.
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