US distributed solar and storage project developer Cultivate Power has secured a $10 million equity investment from Generate Capital, a sustainable investment company.
The investment will be used to expand the development of solar and storage projects, recruit talent, and support local partnerships that benefit the environment and local communities, including scholarship and workforce development programmes.
Cultivate Power develops 10 to 50-acre distributed solar and storage projects that generate â€œsubstantial social and economic impacts in rural communitiesâ€, a statement said. It added: â€œCultivate Power believes that to maximise climate and community benefits, project development must start locally in collaboration with each community.â€
Cultivate Power is headquartered in Chicago, Illinois, with local development teams throughout the Midwest and California.
Peggy Flannery, managing director at Generate Capital, said: “We have worked with the founders of Cultivate Power for many years and are thrilled to invest in the company to support its growth. Cultivate Power’s strong project portfolio, experienced leadership team and focus on distributed clean power projects align with Generate’s mission to accelerate the infrastructure transition.â€
Noah Hyte, managing director of Cultivate Power, said: â€œ”Generate is a perfect fit for us. They have a strong track record dating back to their early investment and innovation in community solar markets. They share our belief that carefully developed clean power projects can provide significant community benefits such as low-cost power, increased tax revenue, job training programs, and a wide variety of partnerships and funding for community organisations.”