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Private Equity

S2G Backs Solar Developer 38 Degrees

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Published: February 9th, 2024
Renewables platform 38 Degrees North has received a growth equity investment from S2G Ventures, one of the company's managing directors, Chris Bailey, says.

Following a growth equity investment from multi-stage investment firm S2G Ventures, Sausalito, Calif.-based solar project finance company 38 Degrees North plans to ramp up new projects and joint ventures in the Mid-Atlantic.

“We are actively bidding every week on projects and M&A opportunities while looking to expand into other states like Delaware and Maryland,” 38 Degrees managing director Chris Bailey said. “Overall, we’re very open to partnerships focused on smart growth, building our assets and benefiting communities.”

In addition to the investment from Chicago-based S2G, 38 Degrees also announced on Wednesday, Jan. 24, the acquisition of community solar assets from Community Power Group in New York for undisclosed terms.

Community solar projects are a subset of the greater solar industry, where solar panels are built to give energy to multiple social groups in a community, such as individuals, businesses, and local government. 38 Degrees North primarily works in the rural parts of New York and Massachusetts.

“Community solar is … a great way to bring solar power to people who wouldn’t be able to use solar normally, whether because their rooftops aren’t viable for the infrastructure or because they can’t afford it,” Bailey said.

The company is a renewable energy platform focused on development-stage and construction-ready distributed power generation and community solar projects. The company has successfully financed, constructed and managed over 400 megawatts across 100 projects through partnerships with institutional investor partners, mostly in Massachusetts and New York.

38 Degrees was founded in 2015 by Bailey, Ryan Bennett and Jake Carney, who all worked together in the project finance leadership organization of renewable energy companies SunEdison Inc. and TerraForm Power Inc., managing over $8 billion. They acquired their first projects in 2016 in Massachusetts, 31 MW of community solar panels from Zero Point Development and Pro-Tech Energy Solutions LLC.

38 Degrees is open to future joint ventures and will continue to work with individuals, local governments and others to acquire land for greenfield projects.

Editor’s note: The original, full version of this article was published Jan. 29, 2024, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

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