Arcadia, a utility data and community solar company, secured $50 million in financing to support the growth of its community solar program. The funding will also support the company’s product innovation, leveraging AI to unlock new applications based on its energy data.
The round includes a fund managed by Macquarie Asset Management (“Macquarie”) as a new equity investor, alongside existing investors Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group.
“With this funding, Arcadia can continue to meet growing demand from our 300+ enterprise customers and 75+ community solar developer partners, all of whom are accelerating deployment and adding new solutions like battery storage, heat pumps, and EV charging to their portfolios,” said Kiran Bhatraju, founder and CEO of Arcadia.
“Their data platform aims to unlock utility and energy data for a wide range of businesses and use cases, enabling the next wave of climate solutions. I’m excited to join the Arcadia team as a board member and look forward to seeing their continued growth and innovation,” said Greg Callman of Macquarie, who will also join the company’s Board of Directors.
At the same time, Arcadia also closed a $30 million credit facility with J.P. Morgan, which, together with an amended existing facility with TriplePoint Capital, provides incremental financing flexibility at a lower cost of capital.
In December 2022, Arcadia raised $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business.
According to Mercom’s Q4 and Annual Global Solar Funding and M&A Report, Global VC and private equity funding in the solar sector in 2023 came in strong with $6.9 billion, just 1% lower than the $7 billion raised in 2022. There were 26 VC funding deals of $100 million or more in 2023.
