SunPower has made a minority investment in Minnesota solar installation company Wolf River Electric. Through this relationship, Wolf River is expected to accelerate its already high growth trajectory in Minnesota alongside a growing presence in Iowa and Wisconsin, enabling the companies to serve more customers in the market and increase solar adoption in historically underpenetrated areas.
“The success of our clean energy future depends on local businesses having access to resources and financing to move quickly and efficiently to serve the communities we work in,” said Vlad Marchenko, CEO of Wolf River Electric. “SunPower’s track record to deliver high quality, premium solar solutions is unparalleled. Their investment enables us to serve homeowners on a greater scale as well as create new green jobs in the Midwest.”
Today’s investment makes Wolf River SunPower’s third largest dealer. Wolf River will sell SunPower solar, SunVault battery storage, EV charging equipment and financial products on an exclusive basis for the next five years. The dealer’s volume in the three states creates a significant net-new geographic coverage opportunity for SunPower to accelerate adoption in the Midwest. Wolf River also plans to use the investment to establish a dedicated warehouse as well as expand its sales and installation teams to rapidly grow and serve more homeowners.
This is the fifth regional installation company that SunPower has invested in. Wolf River joins Renova Energy (California), EmPower Solar (New York), Freedom Solar Power (Texas) and Sea Bright Solar (New Jersey).
“Our dealer accelerator program has proven successful in identifying high growth companies that, with some additional investment, can increase the speed at which they sell, finance and install solar energy systems nationwide,” said Shawn Fitzgerald, Vice President of Corporate Development at SunPower. “With Wolf River on our team, we can expand our reach to ensure more homeowners in the Midwest have access to the savings and resiliency provided by clean energy.”
SunPower’s Dealer Accelerator Program provides high-potential solar businesses with capital financing and business guidance to meet the increasing demand for solar nationwide. Dealers in the program exclusively sell SunPower solar systems. They also offer SunVault battery storage and leverage SunPower Financial for a homeowner’s financing needs.
News item from SunPower