Cultivate Power, a distributed solar and storage project developer, has secured a corporate equity investment of $10 million from Generate Capital.
“We have worked with the founders of Cultivate Power for many years and are thrilled to invest in the company to support its growth. Cultivate Power’s strong project portfolio, experienced leadership team and focus on distributed clean power projects align with Generate’s mission to accelerate the infrastructure transition,” says Peggy Flannery, managing director at Generate Capital.
The corporate equity commitment from Generate Capital provides Cultivate Power with the resources needed to grow its business, the company says. The investment will be used to expand the development of solar and storage projects, recruit top talent, and support local partnerships that benefit the environment and local communities, including scholarship and workforce development programs.
Led by longtime colleagues and renewable energy development professionals Brian Matthay and Noah Hyte, Cultivate Power develops 10- to 50-acre distributed solar and storage projects in rural communities.
“Generate is a perfect fit for us. They have a strong track record dating back to their early investment and innovation in community solar markets. They share our belief that carefully developed clean power projects can provide significant community benefits such as low-cost power, increased tax revenue, job training programs, and a wide variety of partnerships and funding for community organizations,” says Noah Hyte, managing director of Cultivate Power.
Cultivate Power is headquartered in Chicago, with local development teams throughout the Midwest and California.