Nuveen, the $1.1 trillion asset manager of TIAA, announced today that the Private Equity Impact team has committed $30 million in Series B equity to Perch Energy, Inc. (Perch), a clean energy technology platform and community solar servicer that connects solar developers with energy consumers. The investment represents the eighth in the Nuveen Global Impact Fund I.
This growth investment will support the continued development of Perch’s leading clean energy technology platform, fund expansion into new sales channels, products, and community solar markets, scale operations and customer care services, grow the management team, and fund strategic partnerships.
Nuveen is a pioneer in impact investing, with a long track record of driving strong financial results and a positive influence for society’s most pressing problems. The firm made its first impact investment in the 1980s and now manages over $1.0 billion in private equity impact capital. The Private Equity Impact team seeks to drive an inclusive transition to a low carbon economy, targeting disruptive businesses that reduce waste and emissions, use resources in a circular manner, and expand access to and reduce the cost of basic products and services for underserved consumers.
“Community solar is key to providing a renewable energy option to those Americans who do not have access to rooftop solar,” said Radhika Shroff, Managing Director, Private Equity Impact at Nuveen. “We are excited to bring our impact expertise and broader Nuveen platform to Perch to provide inclusive access to solar savings for households. Our investment in Perch is emblematic of our focus on investing in companies that deliver both financial returns to our investors as well as an inclusive transition to a low carbon economy.”
Nuveen Real Estate is one of the largest investment managers in the world with $151 billion of assets under management. The platform was ranked the 7th largest apartment owner in the 2023 National Multifamily Housing Council Top 50 list and has direct equity investments in over 30,000 affordable housing units and 20,000 multifamily units in states with existing or planned community solar regulation. The investment presents an immediate opportunity to bring community solar – and the electricity bill savings it represents – to more low-to-moderate-income (“LMI”) households.
About Perch Energy
Boston-based Perch Energy (Perch) is an industry-leading community solar servicer that’s helped renters, homeowners, and businesses save more than $21 million cumulatively in total energy discounts since its founding in 2021. Recognized as a 2022 “Company of the Year” in The Cleanie Awards®, Perch’s clean energy technology platform makes it easy to sign up for community solar and save, while offering a suite of services to solar farm developers and asset owners to maximize ROI, from customer acquisition, onboarding, lifecycle management, and billing, to regulatory and policy expertise for navigating program rules. With more than 740 megawatts (MW) of contracted capacity in its operating portfolio and backlog, Perch is the largest pure play community solar servicer in the U.S. To date, Perch has provided services for solar projects which have generated or will generate over one billion kilowatt-hours (kWh) of power across Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, and Washington D.C., with expansion plans into California, Delaware, Illinois, and Virginia.
