NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Sunrock Distributed Generation (SDG), a developer, owner and operator of commercial solar and storage projects, and CleanCapital, a fully integrated, diversified clean energy company, today announce they have entered into a strategic partnership to develop, finance and manage ongoing portfolios of distributed generation assets in local communities throughout the U.S.
The solar and storage projects deployed in this partnership will be originated and developed using Sunrock's proprietary underwriting system and technology platform. Sunrock's platform removes pre-existing barriers that have prevented many high-quality small and medium-sized organizations from accessing funding for renewable energy projects.
Last year, CleanCapital secured an additional commitment of up to $500 million from Manulife Investment Management to bolster its capacity to invest in solar and storage development and expand its partnerships in new markets across the U.S. This substantial commitment demonstrates CleanCapital's dedication to the sector and signals a growing interest in sustainability within broader markets.
Wilson Chang, CEO of Sunrock Distributed Generation, comments: "We are delighted to announce our partnership with CleanCapital, which will enable us to help many more local businesses, public entities, and nonprofits - groups that have historically been overlooked and underserved by the finance industry - to transform their operations with renewable energy solutions.
"This partnership will significantly increase the financial resources available to these groups to cut their energy bills, build power grid resiliency, and reduce carbon emissions in local communities. Together with CleanCapital, we are committed to making clean, renewable energy accessible and affordable for all."
Winston Chen, Senior Director, Investments & Capital Markets of CleanCapital, says: "Our partnership with Sunrock marks an exciting step in deploying behind-the-meter solar assets, which are not only economically attractive but also instrumental in bringing clean energy directly to local communities. By combining Sunrock's development expertise with CleanCapital's funding capabilities, we are accelerating the nation's energy transition where it matters most."
Milbank LLP acted as legal counsel to CleanCapital.
About Sunrock Distributed Generation:
Sunrock Distributed Generation (SDG) is a leading platform for commercial distributed generation solutions, dedicated to enhancing cost savings and operational efficiency for established businesses of all sizes by offering a Power Purchase Agreement (PPA) with zero upfront investment. SDG leverages its robust network of trusted partners and installers to originate opportunities and utilizes its tech-enabled underwriting platform to efficiently deliver tailored distributed generation solutions to organizations that have previously been underserved. SDG's approach empowers businesses to fully harness the benefits of solar and distributed energy solutions, regardless of project size, establishing itself as a trusted partner.
About CleanCapital:
CleanCapital is a diversified clean energy company focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, the company has invested over $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. More information about CleanCapital can be found at https://cleancapital.com/.
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