Solar concentration firm GreenVolts grabs $7.5M for power plant

GreenVolts, a company that develops solar concentration technology for utility companies, has raised $7.5 million of an expected $11.3 million in debt funding. Oak Investment Partners participated in the round, according to a filing with the SEC. Based in Fremont, Calif., the company focuses sunlight on high-efficiency solar cells and is currently building a 3 MW power plant for Pacific Gas & Electric (PG&E) in Tracy, Calif.

GreenVolts has raised more than $50 million to date from Oak Investment Partners, Greenlight Energy Resources and Avista Corporation.