SunShare Secures $30 Million Investment from Ember Infrastructure to Grow Platform of Community Solar Gardens and Renewable Energy Development
DENVER, Sept. 21, 2021 /PRNewswire/ -- Today, Denver-based SunShare, LLC ("SunShare"), a leading community solar developer, announced that it has secured a $30 million equity commitment from Ember Infrastructure ("Ember"), a private equity platform investing in diversified sustainable infrastructure assets and companies. The investment will accelerate SunShare's successful business model of combining market innovation with full life-cycle solar development and ownership capabilities and allow it to expand into new states.
SunShare, a family-owned company, has been a leading proponent of community solar since its inception in 2011, with more than 13,000 customers subscribed in over 80 community solar projects across Colorado and Minnesota. SunShare is one of the few developers to own and operate its projects.
"We were the first developer to see community solar's potential to bring renewable energy to the masses in the drive toward a low-carbon future," SunShare CEO and founder David Amster-Olszewski said. "This investment will support our momentum; accelerate our ability to provide jobs, local partnerships with farmers, landowners, and utilities; and provide clean energy to more people to meet growing demand."
In connection with the investment, industry veteran and Ember partner, Bob Kelly, joins SunShare's board of directors. "We see the community solar asset class and SunShare, in particular, as a strong investment opportunity in the shift to reduce carbon intensity in power generation," said Kelly. "Ember looks for long-term relationships and recognizes the value of partnering with industry leading companies, like SunShare, an end-to-end project developer, owner, operator, and subscription manager of community solar assets."
Community solar expands access to solar power generation beyond those homes and businesses able to install solar panels on their rooftops. SunShare customers can subscribe to a portion of the energy produced in SunShare's community solar gardens, and local electric utilities buy solar power directly from SunShare's subscribers through credits on their electricity bills. Community solar programs are a fast-growing segment in renewables, as National Renewable Energy Laboratory data shows that 75% of U.S. homes are unsuitable for rooftop solar panel installation and nearly 40% of U.S. households are renters who are not able to choose to install a rooftop solar option.
PLEXUS Solutions acted as financial advisor to SunShare. Holland & Hart LLP served as legal counsel to SunShare. Wilson Sonsini Goodrich & Rosati served as legal counsel to Ember.
SunShare is the nation's oldest and largest residential community solar company, a pioneer of the community solar industry since 2011. SunShare earned its place as the first company to build and operate a community solar garden in a competitive market, by breaking through legislative and regulatory barriers to pave the way for all citizens to have equal access to renewable energy. Since then, SunShare has led the way in transforming the energy industry with locally-generated solar power. SunShare has developed approximately 80 fully-subscribed community solar gardens across Colorado and Minnesota.
About Ember
Founded in 2018, Ember is a New York-based private equity firm delivering capital solutions to businesses and assets seeking to reduce carbon intensity and enhance resource efficiency. Ember focuses on equity investments across renewable energy, water, waste, industrials and agricultural infrastructure. For more information, please visit www.ember-infra.com.
About PLEXUS Solutions
PLEXUS provides Advisory and Investment Management services to clients in the Sustainability Infrastructure industry. Led by Rory Meyers and Angel Fierro, the team's core focus is evaluating and implementing capital solutions for Sustainable Asset Developers, Manufacturers, Institutional Investors, Family Offices and Service Providers. PLEXUS is based in New York and San Francisco. More information is available at www.plexussolutions.services.
CONTACT: Kim Casey, [email protected], 719-331-6202
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