Residential solar provider Sungevity Inc. has completed a new series of venture capital and project financings, securing up to $125 million to support the company's growth initiatives.
The funding includes $40 million in equity financings raised in 2012 led by Oakland-based impact investment fund Brightpath Capital Partners and home improvement retailer Lowe's.
New equity investors Vision Ridge Partners, Craton Equity Partners and Eastern Sun Capital Partners LLC also participated. The funding also includes a combined $85 million in new project financing commitments from Energy Capital Partners and an unspecified ‘leading commercial bank.’Â
Sungevity's new project financing will be used to support the development of solar projects across the nine states the company currently services: Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York. The company also has a presence in Europe through Netherlands-based Zonline and in Australia through a joint venture called Sungevity Australia.