Palmetto, a provider of residential solar solutions, raised $150 million in funding from TPG Rise Climate, an investing arm of TPG Rise, a private equity firm.
Palmetto manages the entire home solar process with a fully functional operating platform that includes sales, design, engineering, permitting, and fulfillment.
The company plans to use the funding to expand its software and technology platform, which helps individuals, small businesses, and large corporations access and grow in the clean energy economy.
“We’ve been working hard to reduce consumer costs, drive transparency and deliver a delightful consumer experience. TPG Rise Climate not only has deep experience across the clean energy supply chain, but this capital will also help us leapfrog some of our consumer product lines where we feel the market competition isn’t serving the consumer as optimally as they deserve,” said Chris Kemper, Founder, and Chief Executive Officer at Palmetto.
“Palmetto’s digitally enabled end-to-end platform creates efficiencies along every step of the residential solar ownership process, from sales and financing to installation and service and maintenance. As a result, customers benefit from cost-effective home solutions, accelerated project timelines, and more reliable and affordable energy,” said Steven Mandel, Business Unit Partner at TPG Rise Climate.
Solar energy added the most generating capacity to the grid for four consecutive years and is on track to do so again in 2023. According to forecasts from the Energy Information Administration, solar capacity is expected to grow 84% over the next two years.
According to Mercom’s Annual and Q4 2022 Solar Funding and M&A Report, the total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion in 2022.
Earlier this year, SunRoof, a Sweden-based rooftop solar systems provider, announced a €13.5 million (~$14.6 million).