38 Degrees North Raises Over $230 Million Amid Surging U.S. Energy Demand
Sausalito, CA – July 2025 — 38 Degrees North, a leading platform in community solar and distributed renewable energy, has secured over $230 million in growth equity funding from Climate Adaptive Infrastructure (CAI) and Kimmeridge Energy Management Company. The company also completed the acquisition of U.S. Light Energy, adding more than 250 megawatts (MW) of solar projects to its development pipeline.
Since its founding in 2015, 38 Degrees North has developed, financed, and managed over 400 MW across more than 100 community and distributed solar projects. The new capital and strategic acquisition will help the company address the rising demand for local, efficient energy solutions across the United States.
According to national projections, U.S. electricity demand is expected to increase by 25% by 2030 and 78% by 2050, requiring an estimated 80 gigawatts (GW) of new generation capacity annually through 2045.
Strategic Capital and Acquisition
- New Investment Partners: CAI and Kimmeridge bring strong institutional experience and a shared commitment to sustainable infrastructure growth. They join existing investor S2G Investments.
- U.S. Light Energy Acquisition: Adds 250+ MW of solar projects to 38 Degrees North’s pipeline, particularly in New York and Pennsylvania.
- Legal Advisors: Norton Rose Fulbright represented 38 Degrees North. Kirkland & Ellis advised CAI and S2G. Foley & Lardner supported Kimmeridge.
Key Market Trends
- Accelerating Demand: Electric vehicles, AI-powered infrastructure, and heat electrification are pushing up electricity usage and prices in major U.S. grids.
- Faster Deployment Cycles: Community solar can be deployed in 12–24 months, while large utility-scale projects often face 3–5 year timelines.
- Consolidation Opportunities: Smaller solar developers are facing capital access challenges, making them ideal acquisition targets for firms like 38 Degrees North.
Execution and Market Advantage
With the addition of U.S. Light Energy, 38 Degrees North now manages over 650 MW in solar capacity across distributed and community projects. Led by founders Ryan Bennett, Jake Carney, and Chris Bailey, the team is known for its ability to navigate regulatory complexity and execute efficiently across markets.
This focus on smaller, nimble projects gives the company a competitive edge amid transmission delays, interconnection backlogs, and rising grid instability.
Leadership Statements
“With rapidly rising electricity prices and an urgent need for grid resilience, accelerating the deployment of distributed clean energy is critical. The support from CAI and Kimmeridge empowers us to take our platform to the next level.”
“As power demand surges and the need for grid stability grows, distributed generation has never been more important. 38 Degrees North’s operational experience and pipeline position them as leaders in this transition.”
— Bill Green, Founder, Climate Adaptive Infrastructure
What’s Next
- Rapid development of the newly acquired 250 MW solar pipeline.
- Further expansion through targeted acquisitions.
- Delivering scalable, investor-grade clean energy solutions across the U.S.
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