New York-based private equity firm NewWorld Capital Group, asset manager CCM US and retail electricity and natural gas supplier Constellation have invested in Astrum Solar, a residential solar installer serving residential customers and small businesses in the Eastern US, NewWorld said in a statement.
The private equity firm will assume a seat on the board of Astrum Solar, according to the statement. Financial terms of the transaction were not disclosed.
The NewWorld-led investment will enable Astrum Solar to expand its operations in the US residential solar market, which is forecast to grow at nearly 40 percent per year through 2017, the private equity firm said.
“The Astrum management team is extremely pleased to partner with NewWorld Capital and CCM US, along with our Series A investor, Constellation, as we expand our served markets across the United States,” Astrum president Vadim Polikov said.
NewWorld makes growth equity and control investments in rapidly growing, mid-sized and smaller companies in energy efficiency, clean energy, water reclamation and reuse, waste-to-value, and related environmental services. It is an affiliate of Milan-based Ambienta Sgr, a European private equity firm focused on environmental opportunities.
For Constellation, a subsidiary of energy provider Exelon, this transaction is the second round of equity investment in Astrum Solar.
The other co-investor, CCM US, focuses on investing in clean energy and commercial real estate in the US and Latin America. In clean energy, the Washington DC asset manager invests expansion capital into rapidly growing companies with proven solutions in the green building, green construction, and distributed energy sectors.