Solar Power Partners Raises $6 Million In Series A Funding

September 20, 2007 by Jeff Shepard

Solar Power Partners (SPP) announced that it has secured $6 million in Series A funding led by Globespan Capital Partners. The Series A funds will be used to expand business operations and accelerate sales and marketing of commercial Power Purchase Agreement solutions in partnership with leading solar integrators in selected U.S. markets. The funds complement SPP’s separate solar project financing funds.

Solar Power Partners has to date signed 47 solar PPA projects nationwide representing 14MW of clean energy generating capacity including clients such as the largest grocery store chain in America, a 50kW boutique winery, a top California university, a global internet backbone operator, a 1.2MW water district, a detention center, and several Fortune 1000 manufacturing facilities. Originally focused on the California and Hawaii markets, SPP has several MW of new projects slated for closure shortly in the Northeast U.S.

"SPP is leading the way in the mid-commercial PPA market, and we are excited to help them reach their next business expansion milestones," said Ullas Naik, Managing Director at Globespan Capital Partners. "Their in-house legal, project finance and solar expertise is unique and unmatched in the marketplace, and their proven ability to team with the best solar integrators to develop the highest quality systems at competitive prices speaks to their successful partnering abilities and the quality of their internal processes."

"Globespan’s investment in SPP shows a deep understanding of the nuances of success in our marketplace and is a clear example of their thoughtful approach to venture partnering," said Craig Hunt, SPP’s Co-Founder and CEO.

"This funding will allow Solar Power Partners to accelerate our efforts, grow our markets, and continue to exceed our customers – and partners – expectations." added Alexander V. Welzceck, Co-Founder, COO.