A renewable energy company received a massive investment to help increase their business, enabling them to expand their solar power and energy storage portfolio.

According to Climate Insider, Encore Renewable Energy secured $389 million from Brookfield Asset Management to support the company in more fully transitioning from project developer to independent power producer — or IPP. 

Encore plans to put the funding toward “construction of community-scale solar and battery energy storage projects” as it continues to grow. The company recently completed a couple of solar array projects in Maine, per Climate Insider, Encore’s first as an IPP.

“This financing enables us to scale our development pipeline and execute on our vision to bring more clean energy solutions to communities across the country,” said Encore founder and chief executive officer Chad Farrell in a release.

Solar power has continued to boom in this sector, its popularity growing in tandem with its efficiency at producing clean, inexpensive energy.

The city of Las Vegas, Nevada, will see resorts transition to greener energy with the kickoff of a $340 million solar project. A group in Connecticut recently invested in a massive 15-megawatt solar farm in Poland in an effort to expand their own energy holdings. And the United States Department of Energy is planning to help swap out dirty energy plants in Puerto Rico for solar power as a part of a $1.2 billion loan package.

Consumers who want to save money and the planet by adding solar power to their homes can be a part of this lucrative transition. Learning more about solar panel installation is a great first step.

For its part, Encore Renewable Energy is endeavoring to increase its scope and provide more clean energy options:

“This investment solidifies our ability to not only build more renewable energy projects but to operate them efficiently, ensuring a long-term positive impact on both the grid and the communities we serve,” Farrell said.

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