Community solar servicer Perch raises USD 30m to expand platform

US community solar servicer Perch Energy has raised USD 30 million (EUR 28.2m) in a Series B growth investment from Nuveen in a deal that also gives it access to the asset manager’s portfolio of housing units and residential apartments.

Perch is a spin-off of solar and energy storage developer BlueWave and was launched as an independent company in early 2021. The Boston, Massachusetts-based firm enables community solar subscriptions for homes, businesses and municipalities, having contracted more than 250 MW. It also acquires and manages customers for solar farm owners.

The fresh capital attracted will be used to build on Perch's clean energy tech platform, expand into new sales channels, products and community solar markets, and grow its business and customer care services. The funds will also help the company hire more staff and fund strategic partnerships.

At the same time, the investment provides Perch with access to Nuveen’s strategic portfolio of over 30,000 affordable housing units and 20,000 multifamily units in states with existing or planned community solar regulations.

“Nuveen's financial and strategic support comes at a pivotal moment which will not only accelerate Perch’s growth and clear focus on supporting our solar developer clients, but will create opportunities for consumers of all economic backgrounds to join in on clean energy savings, especially the millions of people who can’t afford or don’t have a home suitable for rooftop panels,” said Perch’s CEO Bruce Stewart.

(USD 1 = EUR 0.941)

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