Civic Renewables Launches to Create National Network of Local Clean Energy Businesses

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Jun 12, 2024, 08:40 ET

Backed by GEF Capital, Civic Announces First Acquisitions of Green Rack Solar and Ipsun Solar

WASHINGTON, June 12, 2024 /PRNewswire/ -- Solar industry veterans are launching Civic Renewables ("Civic") to create a new business model to empower local solar businesses through a national network. Established with the backing of GEF Capital, a Washington, D.C.-based private equity firm focused on climate change and pollution mitigation, Civic will act as the parent company to local clean energy businesses, integrating the efficiencies and resources of a large organization with the commitment to quality, service, and integrity of community-based businesses. The company's founding leadership brings decades of experience from leading solar companies, including Tesla Energy, SolarCity, and SunRun. Civic has completed its first two acquisitions of local solar installation businesses: Green Rack Solar and Ipsun Solar.

Green Rack Solar

Green Rack Solar specializes in residential solar installations in Western Pennsylvania and Ohio.
Ipsun Solar

Ipsun Solar specializes in residential and commercial solar installations across Northern Virginia, Washington D.C., and Maryland.

"Providing local solar businesses the tools to thrive is the key to accelerating solar adoption nationwide. Green Rack and Ipsun are fantastic local companies that deliver the highest quality installations and service in their market. We've founded Civic Renewables to support these exact types of great local businesses and allow them to flourish," said Leon Keshishian, founder and CEO of Civic Renewables. "We're grateful for the partnership and backing of GEF Capital Partners and look forward to working together to build a new business model for local solar."

"We are excited to partner with Civic Renewables in their efforts to support local solar businesses and accelerate clean energy solutions. Their mission to speed the clean energy transition by empowering local solar will help people transition towards less expensive forms of renewable energy. We have great confidence in the Civic Renewables team's ability to lead this charge and build this new business model," said Stuart Barkoff, co-founder and Managing Partner of GEF Capital Partners.

"Partnering with Civic Renewables allows us to focus on what we do best–quality installation and service. I know and respect the team at Civic, this is a perfect fit for us as we move forward to help our community's homeowners unlock remarkable financial savings through solar," said Eben Needham, Founder of Green Rack Solar.

Civic Renewables is dedicated to speeding the clean energy transition by empowering local solar. The company is actively pursuing opportunities with local businesses across the country.

For more information, visit: https://www.civicrenewables.com

About Civic Renewables

Civic Renewables is a national parent company to a growing network of local clean energy businesses. Founded by a team of accomplished solar veteran leaders, Civic Renewables is uniquely positioned to create a new clean energy business model. We deliver a large organization's resources and operational efficiencies combined with the local insight and commitment to quality of community-based businesses. Civic provides its family of businesses with support that allows them to focus on delivering an unparalleled customer experience. Civic Renewables has formed a strategic partnership with GEF Capital Partners, established leaders in global sustainability and environmental investing, to provide the company with funding, guidance, and a network of committed global stakeholders. https://www.civicrenewables.com

About GEF Capital Partners:

GEF Capital Partners is a global private equity firm that that was established in March 2018 following a collaborative spinout from Global Environment Fund, an early pioneer in global sustainability and environmental investing. With offices in the United States, India and Brazil, and investments spanning the clean energy, energy efficiency, waste, water and resource efficiency sectors, GEF Capital invests in companies that have developed solutions to help address climate change and pollution mitigation. By partnering with management teams that operate in high-growth markets, GEF Capital brings a value-added approach to its investments to grow leading companies and ensure a more sustainable future. In the United States, the Fund's impact strategy and approach is highlighted in GEF Capital's 2023 Impact Strategy Report. More is available at www.gefcapital.com.

SOURCE Civic Renewables