38 Degrees North has closed on a growth equity investment from S2G Ventures (S2G), and also entered into an agreement to acquire community solar assets from Community Power Group in New York.
Founded in 2015, the company has aggregated, financed, constructed and managed more than 400 MW across over 100 projects through institutional investor partnerships.
“S2G is excited to be partnering with the industry veterans at 38 Degrees North to help drive the next phase of the company’s growth,” says Priyanka Duvvuru, principal at S2G. “We continue to be impressed by the management team’s thoughtful structuring approach, extensive execution experience and demonstrated resilience through historical uncertainties in the solar market, which we believe positions the platform well for the future.”
With the CPG agreement, 38 Degrees North will acquire a portfolio of 10 community solar projects, totaling 62 MW, in New York state.
As part of the transaction, S2G’s Priyanka Duvvuru and Francis O’Sullivan will join 38 Degrees North’s board of directors.
Norton Rose Fulbright was legal counsel for S2G and Vinson & Elkins served as 38 Degrees North’s legal advisor.