kWh Analytics raises USD 5m to back new financial product for solar sector

California-based solar software firm kWh Analytics said today it has raised USD 5 million (EUR 4.4m) from a Series A funding round to support scaling a new financial product that will helps address the mispricing of risk for solar.

The company announced today the launch of PowerLock, a product that combines what kWh Analytics says is “the largest independent database of historical solar project operating performance” with insurance support.

“By offering an insurance-backed production guarantee that protects lenders and asset owners alike, we are making solar truly bankable," said Richard Matsui, kWh Analytics' founder and CEO.

The Series A funding round was led by digital financial services venture capital firm Anthemis Group. French power producer Engie (EPA:ENGI) also took part in the transaction.

(USD 1.0 = EUR 0.889)

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