Clean Energy Collective Closes
Private Equity Financing
New Energy Capital Partners and Black Coral Capital Invest in Clean Energy Collective to drive utility-scale community solar deployment.
Carbondale, Colo. (December 18, 2012) Leading community-owned solar garden developer Clean Energy Collective (CEC) announced today that it has received $13M of private equity financing led by the New Energy Capital Cleantech Infrastructure Fund and Black Coral Capital.
Based in Carbondale, Colo., Clean Energy Collective builds, operates and maintains community-based clean energy facilities. CEC is pioneering the delivery of solar energy through medium-scale facilities that are collectively owned by participating utility customers. CEC partners with utilities to offer a turn-key utility-branded solution, providing utilities with an immediate community solar program without operational or capital investment impacts. CEC's proprietary RemoteMeter® system integrates with existing utility billing systems and automatically credits solar generation to the customer's monthly utility bill.
CEC's community solar structure opens the residential solar market to customers who cannot otherwise participate in the solar market, including homeowners with shaded rooftops, residents who live in associations which restrict solar, and renters. Community solar removes those barriers and allows 100% of electricity ratepayers the opportunity to benefit from clean, locally-produced energy.
"We welcome New Energy Capital and Black Coral Capital as new strategic investors," remarked Paul Spencer, CEC founder and Chief Executive Officer. "Their investment will help us serve more markets and is further endorsement of the potential of community-owned solar as a flourishing distributed energy model."
Nikhil Garg, Vice President of Black Coral Capital said, "We are excited to be part of fostering the next generation of solar adoption through the Clean Energy Collective. CEC has cracked the code, opening a consumer solar market that is four-times larger than the onsite solar marketplace as we have traditionally known it."
"The CEC model opens up the solar market to those who can't otherwise participate and makes it more affordable for all homeowners," notes Scott Brown, Managing Partner and CEO of New Energy Capital Partners. "This model has strong appeal for utilities, utility commissions, and homeowners as a more cost effective approach to residential solar."
About Clean Energy Collective (CEC)
Colorado-based Clean Energy Collective is a developer of community-based renewable energy facilities and a national leader in community power generation. CEC pioneered the model of delivering clean power-generation through large-scale facilities collectively owned by participating utility customers. www.easycleanenergy.com
About New Energy Capital
New Energy Capital Cleantech Infrastructure Fund invests in, owns and operates renewable energy, energy efficiency, waste recycling and distributed generation projects. The Fund is managed by New Energy Capital Partners, in Hanover, New Hampshire, and partners with the CleanTech Alliance Fund, which is managed by North Sky Capital in Minneapolis, MN. www.newenergycapital.com
About Black Coral Capital
Black Coral Capital is a firm investing in the alternative energy/cleantech space. Both directly and through funds, it invests across a wide variety of cleantech arenas and stages including early-stage venture capital, growth equity and project finance. In addition, Black Coral is a founding member of the Cleantech Syndicate, a consortium of families that invest in and support cleantech companies. Black Coral was formed in 2008 with offices in New York, Boston, and Montreal. www.blackcoralcapital.com.
Tim Braun, b2,inc.
(970) 618-0080; firstname.lastname@example.org
Thomas Sweeney, Chief Operating Officer
Clean Energy Collective
Office: (800) 646-0323
Clean Energy Collective
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