Rooftop solar installer ION Solar nets big investment from Greenbelt Capital Partners

Greenbelt Capital Partners is investing in rooftop solar installation company ION Solar, LLC. In operation since 2013 and based in Provo, Utah, ION Solar is now operating in eight states across the U.S., having installed over 200 MW across more than 30,000 households.

Matthew Rasmussen, David Rasmussen and Jeremy Call, the founders of ION, will continue to own a majority equity stake in the business and will lead the company through its next phase of growth.

“We are incredibly proud of the business we have built alongside our extremely talented sales leadership and operations teams. By providing our customers with premium solar products and a white glove experience from sales through installation, we have been able to rapidly scale ION into the premier provider of residential solar,” said Matthew Rasmussen, CEO of ION.

The transaction included Trilantic Energy Partners II North America, Blackstone Credit and Energy Impact Partners (EIP). The Greenbelt team, Blackstone Credit and EIP have worked together in the energy transition sector previously.

“The ION executive team has built an industry-leading platform through their relentless focus on customer service and by selectively expanding into high growth geographies. Their strategic go-to-market approach is unique within the industry and delivers exceptional value to their customers,” said Chris Murphy, Partner at Greenbelt.

The investment also speaks more broadly to the opportunity investors are now seeing in the residential solar space. The U.S. residential market is significant but remains underpenetrated with solar installed in only ~5% of viable homes.

“The residential energy landscape is rapidly evolving as homeowners rethink patterns of consumption and the desire for energy independence,” said Zach Levenson, Vice President at Greenbelt. “We believe the ION team is uniquely positioned to capitalize on changing consumer preferences by driving the continued adoption of rooftop solar and introducing incremental products such as residential storage and EV chargers.”

“Blackstone Credit has significant experience in residential solar, providing us with insight into the cost and decarbonization benefits that ION provides to the market. We are excited to make a compelling investment in ION to help them expand into new geographies and product lines,” said Mark Rutledge, Managing Director in Sustainable Resources at Blackstone Credit.

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