Cultivate Power, a distributed solar and storage project developer committed to strengthening communities, the grid, and climate stability, today announced it has secured a corporate equity investment of $10 million from Generate Capital, a leading sustainable investment and operating company driving the infrastructure transition. This investment demonstrates the companies' shared commitment to deploying distributed clean energy projects that deliver affordable power to communities across the country and boost local economies.
"We have worked with the founders of Cultivate Power for many years and are thrilled to invest in the company to support its growth. Cultivate Power's strong project portfolio, experienced leadership team and focus on distributed clean power projects align with Generate's mission to accelerate the infrastructure transition," said Peggy Flannery, Managing Director at Generate Capital.
The corporate equity commitment from Generate Capital provides Cultivate Power with the resources needed to grow its business. The investment will be used to expand the development of solar and storage projects, recruit top talent, and support local partnerships that benefit the environment and local communities, including scholarship and workforce development programs.
Led by long-time colleagues and renewable energy development professionals Brian Matthay and Noah Hyte, Cultivate Power develops 10- to 50-acre distributed solar and storage projects that generate substantial social and economic impacts in rural communities. Cultivate Power believes that to maximize climate and community benefits, project development must start locally in collaboration with each community.
"Generate is a perfect fit for us. They have a strong track record dating back to their early investment and innovation in community solar markets. They share our belief that carefully developed clean power projects can provide significant community benefits such as low-cost power, increased tax revenue, job training programs, and a wide variety of partnerships and funding for community organizations," said Noah Hyte, Managing Director of Cultivate Power.