Today, Perch Energy announced the acquisition of Solstice, a fast-growing service provider specializing in customer acquisition and management for community solar development that was formerly owned by MyPower, a wholly-owned subsidiary of Tokyo-headquartered Mitsui & Co.
Boston-based Perch says the deal further establishes the company as the most experienced and largest pure-play community solar acquisition and management servicing platform in the United States, and strengthens Perch’s acquisition and management capabilities and its footprint across all community solar markets.
Perch and Solstice will combine to serve more than 86 solar project owners in both mature and emerging community solar markets nationwide. Following the acquisition of Solstice’s operational and under-contract solar projects and subscribers, Perch will manage more than 3 gigawatts (GW) of solar capacity across 1,000+ solar projects in 16 states, serving over 430,000 residential customer equivalents with proprietary software technology and automation. Solstice will contribute a portfolio of contracted solar projects representing 500 megawatts (MW) of capacity.
Solstice, founded in 2015, connects households and small and large businesses with community solar farms, reducing their electric bills with no upfront cost or installation. Its subscriber management software and services offer community solar asset owners real-time insights into project health and policy expertise. Solstice also offers Community Benefit RECs, which aggregate corporate renewable energy purchases to fund new clean energy projects, workforce development, and environmental justice initiatives.
Big Fish, Small Pond
In March of last year, Perch and Arcadia announced a joint venture that combined both companies’ industry-leading community solar businesses to create a new standalone company. The two companies estimated at the time that their services had saved users $90 million combined.
“We believe this venture reflects the natural evolution and maturation of the community solar business, and [we] are excited to merge two strong teams with such dynamic and complementary services and technology,” said Bruce Stewart, the president and CEO of Perch, who now serves as the CEO of the new company. “This venture also speaks to the clear need we’ve heard from solar project developers and asset owner partners who want a financially strong and scalable partner that can reliably serve them for decades. A partner that can support them with their growth plans and meet customer demand, as residents, businesses, and governments continue to embrace community solar across the US.”
Perch says it will remain focused on delivering utility bill savings for consumers and businesses at a
time when energy savings are needed most. According to the U.S. Energy Information
Administration (EIA), retail electricity prices have increased faster than the rate of inflation since
2022 and are expected to continue increasing through 2026. To-date, Perch estimates it has already
saved an estimated $100M for customers.
“Community solar continues to evolve, mature, and thrive in providing strong, recurring clean energy savings to all American consumers during a dynamic energy transition impacting the US. This transition requires the most active companies, like Perch and Solstice, to likewise transform and join forces to expand delivery of the best services to consumers, project owners, and developers,” pontificated Stewart.
“Perch Energy takes to heart the critical role we play in providing reliable acquisition services and is investing in a robust technology platform that will provide decades-long support for our community solar project developers and sales partners. The combined strengths of Perch and Solstice’s services, capabilities and talented team are foundational to delivering savings and clean energy for residents, businesses, and governments. We’re committed to driving the growth of community solar across the U.S.”
– Bruce Stewart, CEO of Perch Energy
Taking up New Perches
Perch has historically served residential and commercial customers in states including New York, Illinois, Massachusetts, New Jersey, Minnesota, Maine, Maryland, Virginia, and Oregon. To date, Perch
projects have generated more than 6.6 billion kWh of power. Solstice has established a footprint in Illinois, New York, and New Mexico, among other states.
“Our team possesses a shared vision with the Perch Energy team; a future where savings with clean energy is accessible to all, especially in key markets that host favorable economics and a growing appetite for solar,” said Katsunori Nishida, CEO of MyPower Corp. “Perch and Solstice will be well-positioned to serve the millions of Americans looking to save money with solar energy, while also serving as an excellent partner for developers of solar projects as they seek to rapidly bring new clean energy generation onto the power grid without delay.”
Solstice will contribute key expertise to Perch Energy, according to the companies. Sandhya Murali, co-founder and CEO of Solstice, and Tyler Yasa, Solstice’s VP of growth and asset management, will assume
key leadership roles at Perch Energy, amongst other Solstice employees joining the company.
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