Sungevity, a US-based residential solar business, has raised $125m in series D round equity and project financing.
Local home improvement retailer Lowe’s and impact investment fund Brightpath Capital Partners invested $40m alongside venture capital firms Vision Ridge Partners, Craton Equity Partners and Eastern Sun Capital Partners.
A further $85m came as project financing commitments from Energy Capital Partners, an energy infrastructure-focused private equity firm and an undisclosed commercial bank.
In December 2010, Sungevity raised an additional $15m in its series C round led by Greener Capital, Firelake Capital and Brightpath to take its aggregate total to $25m.
Sungevity’s new project financings will be used to support the development of solar projects across the nine US states the company currently services: Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York. The company also has a presence in Europe through Netherlands-based, Zonline, and in Australia through a joint venture called Sungevity Australia.