Solar technology and services provider SunPower has taken a minority stake in one of Minnesota’s largest residential solar providers, Wolf River Electric.
Through this relationship, Wolf River is expected to accelerate its already strong growth in Minnesota and its growing presence in Iowa and Wisconsin, enabling the companies to serve more customers in the market and increase the use of solar energy in historically under-penetrated areas.
The investment makes Wolf River SunPower’s third largest dealer. Wolf River will exclusively sell SunPower solar, SunVault battery storage, EV chargers and financing products for the next five years.
Dealer volume in these three states creates significant net new geographic coverage for SunPower to accelerate deployment in the Midwest. Wolf River also plans to use the investment to establish its own warehouse and expand its sales and installation teams.
“Our Dealer Accelerator Program has proven successful in identifying high-growth companies that, with additional investment, can accelerate the sale, financing and installation of solar systems nationwide,” said SunPower’s Shawn Fitzgerald. “With Wolf River on our team, we can expand our reach to ensure more Midwest homeowners have access to the savings and sustainability that clean energy brings.”
Chardan served as Wolf River’s exclusive financial advisor on this transaction, which was led by Director Elliot Gnedy.