The JP Morgan-managed Bay Area Equity Fund is the only venture capital firm to profit today from one of the largest solar energy startup exits ever.
The fund, which invests in late stage social or environmentally beneficial companies, invested $3 million into solar power system maker PowerLight last year. Today, PowerLight announced it had agreed to a sale to SunPower for $265 million. PowerLight shareholders could receive a further $67.5 million during the following two to four years if it hits certain performance targets.
The spectacular exit means the the Bay Area Equity Fund certainly lived up to its tag line of being "a double bottom line fund."
For more on SunPower's purchase of PowerLight, see:
The Deal
PowerLight press release
Tags: powerlight, solar, vc, venture capital
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