NewWorld Capital Group makes strategic investment in Astrum Solar
Private equity firm NewWorld Capital Group said it had invested in residential solar installer Astrum Solar. Washington-based asset manager CCM US and retail electricity and natural gas supplier Constellation also participated in the round. Financial details of the transaction were not disclosed. As part of the transaction, NewWorld Capital will be joining the Board of Directors at Astrum Solar.
Based in the East Coast, Astrum Solar designs and installs residential solar photovoltaic arrays. It works with third party lease and loan financing firms to give residential clients solar financing that is cost-effective. In a press release NewWorld Capital said only less than 5% of the residential solar market in the US has been penetrated. The forecast is that this will grow close to 40% annually in the next four years. With the new investment, Astrum would be able to grow its operations in new markets all over the US.
Astrum Solar President Vadim Polikov said its investors understand the residential solar market and he looks forward to a fruitful partnership with them.