Industry Veterans Launch Apricus Generation to Build National Distributed Solar and Battery Development Platform

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Apr 11, 2024, 08:00 ET

Apricus Generation's Platform Provides Developers with Management Expertise and Capital to Advance their Project Pipeline to Generation

MIAMI, April 11, 2024 /PRNewswire/ -- Industry veterans have launched Apricus Generation, Inc., a new holding company designed to build a national distributed solar and battery development platform and Independent Power Producer (IPP). The company has closed an initial $28 million Series A funding round, within a total offering of $100 million in process to close over the next few months. Participants in this initial closing are long-term committed investors with experience investing in the founders' prior successful ventures. Apricus Generation's platform enables consumers and businesses to participate in the energy transition by providing developers with management expertise and capital to advance their project pipeline to generation.

"We are thrilled to have secured this funding in these challenging market conditions. Many developers have more project opportunities than access to capital, and this investment is a testament to our creative business model and our investors' trust in us based on our past success in the renewable energy and energy sectors in general," said Gautam Chandra, Executive Chairman and Co-Founder of Apricus Generation. "Our model has demonstrated potential to provide investors with significant financial results in this fast-expanding industry."

"I'm excited to be working, once again, with Gautam, one of the industry's proven serial entrepreneurs. We've worked together for more than two decades and know this industry through and through," said Ravi Thuraisingham, Chief Executive Officer, and Co-Founder of Apricus Generation. "Lack of access to early-stage projects is one of the key bottlenecks impeding solar and battery storage deployment from reaching their full potential. Through partnering with developers and bringing strategic financing capability across the capital stack, the Apricus model fills this gap."

Apricus Generation's initial funding will be used to acquire developers, partner with them, and provide strategic management expertise to advance projects through construction, financing, and operation of solar and battery energy systems. The company leverages its founders' decades of experience in renewable energy, project financing and tax equity structuring, and retail and wholesale energy management to help its developer partners achieve efficient financing and operations of solar and battery storage assets.

For more information, visit: https://www.apricus.energy/

About Apricus Generation, Inc.

Apricus Generation, Inc. is a new holding company designed to build a national distributed solar and battery development platform and Independent Power Producer (IPP). Apricus Generation's platform enables consumers and businesses to participate in the energy transition by providing developers with management expertise and capital to advance their project pipeline to generation. The company brings together the founders' decades-long proven track record in clean energy development and investment.

SOURCE Apricus Generation