Arcadia Power, a leading global utility data and community solar platform, has recently closed a $50 million round of funding aimed at bolstering its community solar program and advancing artificial intelligence capabilities for energy data analysis.
Founder and CEO of Arcadia, Kiran Bhatraju, expressed enthusiasm for the funding, stating, “With this funding, Arcadia can continue to meet growing demand from our 300+ enterprise customers and 75+ community solar developer partners, all of whom are accelerating deployment and adding new solutions like battery storage, heat pumps and EV charging to their portfolios.”
The company’s recent release of the State of Community Solar report underscores the anticipated growth in an industry aimed at serving all. The report highlights challenges to community solar growth, including high interest rates, local opposition to projects, interconnection delays, workforce issues, regulatory hurdles, and ongoing tariff disputes. It also points out significant state-level initiatives, such as New Mexico’s adoption of its first program, and the permanence of pilot programs in Maryland and New Jersey.
The latest funding round includes Macquarie Asset Management as a new equity investor, alongside existing investors such as Energy Impact Partners, J.P. Morgan Asset Management, and others. Additionally, Arcadia secured a new $30 million credit facility with J.P. Morgan.
Founded in 2014, Arcadia launched the first nationwide community solar program two years later. The company’s proprietary software platform integrates with over 100 utility billing systems nationwide, allowing customers to sign up for a share of community solar installations across the country.
Previous funding rounds include a $25 million investment in 2018 to expand the community solar program, following a $6 million investment in 2017. Arcadia reports managing the nation’s largest community solar portfolio, with over 2 gigawatts of solar under management.
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