Nuveen Invests $30M in Perch Energy to Expand Community Solar for Low Income Consumers
Perch Energy, a community solar servicer connecting solar developers with consumers, has received $30 million in funding from Nuveen, the sixth investment in Nuveen’s Global Impact strategy, to establish more community solar projects for the benefit of low-to-moderate-income (LMI) households.
“In most cases, access to community solar is the only way to make it possible for households residing in affordable housing to participate in solar programs, and in turn support the necessary strategies to combat global warming. Perch is establishing a wonderful roadmap for affordable housing developers and residents to focus on energy efficiency for a clean, resilient future,” said Jason Acosta, Head of Asset Management, Impact Investing at Nuveen.
Community solar projects are locally built clean energy projects connected to the electrical grid that serve to replace energy from fossil fuels, thereby lowering carbon emissions and pollution in local communities. Households and businesses subscribe to the local solar project and receive energy credits on their electricity bill, lowering their total energy costs.
According to Wood Mackenzie, the existing community solar market is projected to grow by 8% annually, with nearly 14 GW of cumulative capacity expected by 2028.
The Series B growth investment from Nuveen will:
- Support continued development of Perch’s clean energy tech platform.
- Fund expansion into new sales channels, products, and community solar markets.
- Scale operations and customer care services.
- Grow management talent.
- Fund strategic partnerships.
LMI consumers are central to democratizing solar energy and ensuring an equitable clean energy future. To support this, the partnership will also grant Perch access to Nuveen’s portfolio of affordable housing units and residential apartments. The companies hope that Nuveen’s portfolio, combined with Perch’s project pipeline, will establish more community solar projects for more households who stand to benefit the most.
“Nuveen’s financial and strategic support comes at a pivotal moment which will not only accelerate Perch’s growth and clear focus on supporting our solar developer clients, but will create opportunities for consumers of all economic backgrounds to join in on clean energy savings, especially the millions of people who can’t afford or don’t have a home suitable for rooftop panels,” said Bruce Stewart, Perch Energy President and CEO.
