Add another solar-as-a-service company to the list of those unfazed by the recession. Solar Power Partners, a Mill Valley, Calif. company that installs panels for commercial customers but retains ownership in order to sell the electricity from them, has taken on $32 million more in funding.
The money was reported this morning by peHUB. SPP also took money less than six months ago, which at the time was enough to put it over the $100 million mark.
We’re hearing that some companies in the solar services business are having trouble securing financing, while others, well-padded with cash, are on cruise control. The recession, of course, is responsible for most of the current financing problems, but it’s also possible that companies like SPP are better able to demonstrate their long-term viability to investors. Some companies involved in solar panel installation are also doing well; just yesterday, Borrego Solar announced a $14 million financing.
The investors in the round all appear to be returning from previous investments: Globespan Capital Partners, Dry Creek Ventures, Silicon Valley Technology Group, Energy Investors Fund, United Commercial Bank and the Enlightened World Foundation.