Solar Power Partners takes on $32M for solar panel sales
Add another solar-as-a-service company to the list of those unfazed by the recession. Solar Power Partners, a Mill Valley, Calif. company that installs panels for commercial customers but retains ownership in order to sell the electricity from them, has taken on $32 million more in funding.
The money was reported this morning by peHUB. SPP also took money less than six months ago, which at the time was enough to put it over the $100 million mark.
We’re hearing that some companies in the solar services business are having trouble securing financing, while others, well-padded with cash, are on cruise control. The recession, of course, is responsible for most of the current financing problems, but it’s also possible that companies like SPP are better able to demonstrate their long-term viability to investors. Some companies involved in solar panel installation are also doing well; just yesterday, Borrego Solar announced a $14 million financing.
The investors in the round all appear to be returning from previous investments: Globespan Capital Partners, Dry Creek Ventures, Silicon Valley Technology Group, Energy Investors Fund, United Commercial Bank and the Enlightened World Foundation.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.