Sausalito, Calif.-based 38 Degrees North has built a 400-megawatt portfolio of community solar projects since 2015. About $230 million in growth capital from Kimmeridge Energy and Climate Adaptive Infrastructure will help “accelerate the deployment of local clean energy projects that provide homeowners and small and medium-sized business owners with meaningful long-term savings,” at a time when data centers, AI and electrification are driving up the costs of energy, said 38 Degrees North’s Ryan Bennett, Jake Carney and Chris Bailey.
The investment by New York-based Kimmeridge adds to the energy investor’s growing green portfolio. Kimmeridge is known for backing oil and gas projects. In 2022, it launched and capitalized Chestnut Carbon, which restores and manages forestland and then sells carbon offsets to companies.
Through the latest deal, 38 Degrees North will acquire Kimmeridge portfolio company US Light Energy, another community solar developer, and its 250-megawatt pipeline.
