Solar developer 8minute Solar Energy has closed $400 million in financing from institutional investor EIG.

The financing includes a portion of growth equity and a letter of credit.

As part of the funding, R. Blair Thomas, EIG’s Chairman and CEO will join the 8minute Board of Directors.

8minute plans to use the proceeds on technological innovation, solar plant design, and building projects on its balance sheet.

8minute started in 2009 and has put 2 GW of solar projects in operation. The firm has more than 18 GW of solar and 24 GWh of energy storage projects under development. Its assets are located throughout California, Texas, and the southwestern US.

“This strategic fundraise is not only a resounding vote of confidence in 8minute from a global energy investor that shares our vision for a zero-carbon future but also an important signal that the private sector recognizes the immediate need for more reliable, resilient, and low-cost climate solutions,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute.

Tom Buttgenbach added: “With EIG’s investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart’ solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success.”

“8minute is a clear leader in the industry and possesses the best-in-class team, technical prowess and integrated design approach needed to make a clean energy future a reality,” said R. Blair Thomas, EIG’s Chairman and CEO. “We’re thrilled to be able to help fuel long-term, sustained growth for 8minute and remain committed to supporting the company’s new ventures and future endeavors.”

Global venture capital and private equity funding in the solar sector in 2021 came to $4.5 billion, a 281% increase compared to the $1.2 billion in 2020. Read more