Lacuna raises $50MM for development-stage solar projects in North America

The San Francisco sustainable investment firm shows growth with new solar fund and valuable team additions with proven sucess in renewables.

In recent solar fund developments, US-based Lacuna Sustainable Investments announced that they have raised approximately $50 million for continued investments in solar assets and storage projects in various domestic and international locations. The risk capital areas is where Lacuna aims to concentrate their investments, especially in pre-construction equity, subordinated debt, and preferred equity. In certain scenarios, investments will occur in senior debt areas of the overall capital strategy.

Lacuna’s co-founder David Riester says, “The fund allows us to place greater emphasis on investment-related activities and increase our role as an originator and investor in development projects.” 

In addition to the $50m capital raised, Lacuna recently announced that it would be adding new faces to the investment team, including Adam Medoff, Kevin Rolston, and Sukhraj Sandhu. Sandhu specifically has a successful background previously at Cypress Creek Renewables in the Project Finance and Capital Markets team, with structuring close to $300 million in investments, worth around 250MW in total solar output.  

The firm has headquarters in San Francisco, California with additional services in work related to advisory services. Lacuna is primarily focused in direct investments in renewable energy projects, especially solar, in North America and abroad.  

The company page states, “We are dedicated to investing in and building great projects through creating strong partnerships with local development teams, most commonly investing during the pre-construction phase. As a thesis-driven team of entrepreneurs, investors and former operators, we are uniquely equipped to inject capital where opportunities and projects would otherwise get stuck.”