SUSI Partners, through its Energy Transition Fund (SETF), has acquired a 50% interest in Starling Energy Group, a clean energy developer specializing in delivering integrated solar and storage systems to residential energy consumers through its Plico Energy business.
As part of the agreement, SETF commits to provide additional capital for the rollout of more than 10,000 systems over the coming years.
Through Plico Energy, Starling enables homeowners to become largely self-sufficient energy consumers through a combined offering of rooftop solar panels, a battery storage unit, and software-driven dispatch optimization.
SETF’s funding commitment ensures that customers face no upfront costs, thus significantly increasing demand and accelerating the deployment of the systems. Against a contracted monthly payment, customers reduce their energy costs and carbon footprint from day one. Once sufficient scale has been reached, individual systems can be operated as a virtual power plant (VPP). VPPs use cloud-based software to optimize consumption and dispatch patterns of multiple distributed energy systems, provide grid services, and feed surplus electricity to the transmission grid for further upside potential.
Earlier in November 2021, SUSI Partners, on behalf of its Energy Transition Fund (SETF), signed an agreement with developer BIWO Renovables and their commercial partner Latsolar Energy Investments to acquire a portfolio of distributed renewable energy assets in Chile. The portfolio comprises both solar and wind assets for a total capacity of over 200 MW, with projects currently in the late-development stage and expected to start construction in early 2022.
According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, M&A activity increased substantially in 2021. Twenty-nine solar M&A transactions were announced in Q3 2021 compared to 34 M&A transactions in Q2 2021.