Solar energy technology and services provider SunPower has made a minority investment in one of the largest residential solar providers in Minnesota, Wolf River Electric.
Through this relationship, Wolf River is expected to accelerate its already high growth trajectory in Minnesota alongside a growing presence in Iowa and Wisconsin, enabling the companies to serve more customers in the market and increase solar adoption in historically underpenetrated areas.
The investment makes Wolf River SunPower’s third largest dealer. Wolf River will sell SunPower solar, SunVault battery storage, EV charging equipment and financial products on an exclusive basis for the next five years.
The dealer’s volume in the three states creates a significant net-new geographic coverage opportunity for SunPower to accelerate adoption in the Midwest. Wolf River also plans to use the investment to establish a dedicated warehouse and expand its sales and installation teams.
“Our dealer accelerator program has proven successful in identifying high growth companies that, with some additional investment, can increase the speed at which they sell, finance and install solar energy systems nationwide,” says SunPower’s Shawn Fitzgerald. “With Wolf River on our team, we can expand our reach to ensure more homeowners in the Midwest have access to the savings and resiliency provided by clean energy.”
Chardan acted as the exclusive financial advisor to Wolf River in this transaction, led by Elliot Gnedy, director.