Solar financing platform Clean Power Finance raises US$37m

9 Apr 2013

US solar software and financing company Clean Power Finance, which provides an online platform to connect the residential solar industry with the capital markets, has raised US$37m in a new funding round involving investors such as Google Finance, Kleiner Perkins and Edison International.

Based in San Francisco, California, Clean Power Finance was set up in 2006 by founder Gary Kremen. The company provides an online business-to-business marketplace for distributed solar financing, as well as a SaaS solar sales application.

The latest US$37m investment in Clean Power Finance follows a US$25m investment in 2011 involving Kleiner Perkins, Google Ventures and Claremont Creek Ventures.

CEO Nat Kreamer said Clean Power Finance grew its revenue by 325pc in 2012.

“Our fast-growing market share and strong momentum across all areas of the business attracted power company investors that recognise the value of our solar marketplace business model,” said Kreamer.

Residential solar

Clean Power Finance’s software platform connects investors with installers of solar energy projects in the residential space. The goal of its online business-to-business model is to connect the solar industry with capital markets in order to help installers of residential solar energy projects access financing and software.

In the solar energy sector, Clean Power Finance works with power companies, investors, installers, marketers and suppliers.

It currently manages more than US$500m in project financing on behalf of third-party corporate and institutional investors, including Google Inc and Morgan Stanley.

Image of solar panels via Shutterstock

Carmel Doyle was a long-time reporter with Silicon Republic