Utility-scale solar and storage developer Palladium Energy has closed a $10 million corporate equity investment from Ultra Capital, a private investment firm that provides growth equity and asset capital to companies focused on the energy transition and de-carbonization.
The investment will be used to accelerate the growth of the Palladium team and development pipeline, with a continued focus on originating, acquiring and developing high-quality solar and storage projects.
In conjunction with this investment, Palladium has formed a board of directors initially comprising the co-founders (Mark Mirabito, Nobel Chang and Danny Weidlich) and Mike Reynolds, managing director at Ultra Capital. With over 15 years of experience, Reynolds brings a wealth of knowledge and experience in the power and renewables markets and will provide insights to support Palladium’s growth and execution.
The Palladium team has developed and financed projects totaling 6.9 GW and $2.8 billion.
“Since the inception of Palladium, the company has emphasized building a best-in-class team as the foundation for long-term, sustainable success in the growing yet complex industry of renewable power generation,” says Weidlich. “The investment by Ultra Capital represents validation of what Palladium has built to date, including the exceptional team, institutional-quality asset base and strategic partnerships.”