REC Solar
REC Solar is a U.S. commercial-scale Independent Power Producer that finances, owns, and operates distributed solar PV and battery storage assets under long-term PPAs for corporate, municipal, university, and utility customers across 29 states.
- Company typePrivate
- Founded1997
- HeadquartersSan Luis Obispo, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What REC Solar does
REC Solar is a U.S. commercial-scale Independent Power Producer that finances, owns, and operates distributed solar PV and battery energy storage assets on behalf of commercial, institutional, municipal, and utility customers. The company delivers projects through zero-upfront-cost Power Purchase Agreements (typically 20–25 years), corporate Virtual Power Purchase Agreements, community solar programs, project and portfolio acquisitions (including distressed assets), and EPC financing partnerships. With 28+ years of operating history, 700+ projects completed, and 290+ MW of solar and storage assets owned and operated across 29 U.S. states (including a dedicated Hawaii operation with 120+ projects since 2007), REC Solar earns long-duration recurring revenue by selling the electricity it generates rather than selling the systems themselves.
The company's core technology stack is centered on commercial and small-utility-scale distributed solar PV paired with lithium-ion BESS and battery microgrids. As an IPP, REC Solar operates a fleet monitoring and performance engineering platform built on SCADA/DAS systems, historian and reporting layers, PVsyst/SAM/Pvlib/SolarFarmer modeling, and analytics pipelines developed in Python, SQL, PowerBI, and Datarails. Modular offerings span rooftop, ground-mount, and carport solar; standalone battery storage; solar + fleet electrification; and integrated battery microgrids — sized from roughly 5 MW onsite systems up to 75+ MW utility-scale solar + storage solutions.
Revenue is generated primarily through long-term PPAs and VPPAs (subscription-style, multi-year contracts), supplemented by project and portfolio acquisition revenue, community solar subscription flows, and ongoing asset operations and maintenance managed services for the owned fleet. Customer segments are diversified across corporates (manufacturing, brewing, cold storage, grocery, hospitality, education), municipalities and special districts, universities and K–12 districts, utilities, landowners (lease income), and EPC/ESCOs (financing partnerships). The company is currently a portfolio company of an investment fund managed by ArcLight Capital Partners following its 2023 acquisition from Duke Energy.
REC Solar firmographics
Firmographics- Name
- REC Solar
- Legal name
- REC Solar, Inc.
- Website
- https://recsolar.com
- Company type
- Private
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- REC Solar is a U.S. commercial-scale Independent Power Producer that finances, owns, and operates distributed solar PV and battery storage assets under long-term PPAs for corporate, municipal, university, and utility customers across 29 states.
- Ownership category
- akta.pro rank
Where REC Solar is headquartered
LocationHeadquarters
- HQ city
- San Luis Obispo
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
REC Solar business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Onsite Solar + Storage Power Purchase Agreements (PPAs): Long-term (typically 20–25 year) agreements in which REC Solar finances, owns, operates, and maintains commercial onsite solar and battery energy storage systems on the customer's site. Customers purchase the electricity produced at a fixed, predetermined rate — shifting the project from capital expenditure to a predictable operating expense.
- Corporate Virtual Power Purchase Agreements (VPPAs): REC Solar develops, owns, and operates small utility-scale offsite solar projects and sells the electricity into the wholesale power market. Large corporate energy buyers contract a fixed price, and Renewable Energy Certificates (RECs) generated can be applied toward sustainability and emissions reduction goals.
- Solar Project & Portfolio Acquisitions: REC Solar acquires solar and solar + storage projects and portfolios at various stages — from pre-NTP to operating assets, including distressed assets — using competitive capital and taking long-term ownership and operational responsibility. Generates revenue through subsequent long-term energy sales and operations.
- Community Solar Subscriptions: REC Solar owns, operates, and maintains offsite community solar projects. Anchor tenants (large power users) and community members subscribe to share in the energy and savings produced, while utilities issue bill credits to subscribers. Long-term, recurring subscription-style revenue stream.
- Land and Rooftop Lease Income (Origination Pipeline): REC Solar pays property owners long-term, fixed annual lease payments for use of their land (20+ acres) or rooftops (100,000+ sq ft) for solar development. While not the primary revenue stream, this enables the project pipeline that feeds the PPA/VPPA businesses.
- Long-Term Asset Operations & Maintenance (Managed Services for Owned Fleet): As an IPP with 290+ MW owned and 700+ projects completed, REC Solar delivers ongoing operations, maintenance, performance engineering, and asset management services across its owned solar and storage fleet for the full life of each agreement.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Onsite Solar + Storage PPA (Zero Upfront) |
| Subscription | Multi-year contract | Corporate VPPA / Offsite Solar |
| Other | Multi-year contract | Solar Project & Portfolio Acquisitions |
| Subscription | Multi-year contract | Community Solar Subscription |
Go-to-market motion5 records
Distribution channels7 records
Marketing channels10 records
REC Solar product offering
Product offeringCore offering
REC Solar finances, owns, and operates commercial-scale distributed solar PV and battery energy storage systems for U.S. commercial, institutional, municipal, and utility customers, delivering electricity through long-term (typically 20–25 year) zero-upfront-cost Power Purchase Agreements (PPAs) and Corporate Virtual PPAs (VPPAs). It also provides Community Solar programs, acquires solar and storage projects and portfolios (including distressed assets), offers EPC Financing to engineering, procurement, and construction firms and energy service companies, and runs a Land and Rooftop Leasing program for property owners, with a dedicated Hawai'i regional offering.
Product overview
REC Solar operates as an Independent Power Producer (IPP) with a unified service platform under which a portfolio of commercial solar and storage offerings is delivered. Its core commercial offering, Onsite Solar and Energy Storage, is composed of modular sub-products — Rooftop Solar, Ground Mount Solar, Solar Carports and Canopies, Battery Storage, Solar + Fleet Electrification, and Battery Microgrid Systems — each financed primarily through zero-upfront-cost Power Purchase Agreements (PPAs). Around this core, REC Solar layers additional service lines: Corporate VPPAs (offsite solar with virtual PPAs) for large energy users, Community Solar programs for anchor tenants and subscribers, Land and Rooftop Leasing for property owners, EPC Financing for EPCs and ESCOs, and Project and Portfolio Acquisitions for developers and sellers of operating or distressed assets. The Hawaii business is delivered as a dedicated regional offering. Across all of these, REC Solar acts as long-term owner-operator, financing, building, owning, and maintaining the assets for hundreds of commercial, institutional, municipal, and utility customers nationwide (700+ projects, 290+ MW owned and operated across 29 states).
Differentiator
Problem solved
Functional benefit
Brands
- REC Solar Hawai'i: Hawii'i-specific commercial solar IPP operations serving Oahu, Maui, Big Island, Kauai and more, with a permanent local team led by a General Manager, Hawaii (Lukas Sheild).
Products and services
- Onsite Solar and Energy Storage Commercial-scale onsite solar PV with optional battery energy storage, delivered through zero-upfront-cost Power Purchase Agreements (PPAs). REC Solar handles permitting, installation, long-term ownership, and operations while customers purchase the electricity produced at a fixed, predetermined rate over a 20–25 year term to reduce energy costs and meet sustainability goals. Targeted at commercial, industrial, municipal, and university energy buyers.
- Corporate VPPAs (Virtual Power Purchase Agreements) Small utility-scale offsite solar projects paired with corporate Virtual Power Purchase Agreements (VPPAs). Allows large commercial and institutional energy users with limited onsite space or land restrictions to lock in fixed pricing, scale sustainability impact, and apply Renewable Energy Certificates (RECs) toward emissions reduction goals without needing onsite panels.
- Project and Portfolio Acquisitions Acquisition of solar and solar + storage projects and portfolios at any stage — from pre-NTP through operating assets, including distressed assets — supported by competitive capital, flexible financing, and long-term ownership. For developers, asset owners, and project sellers seeking a seamless transition to a long-term owner-operator.
- Community Solar Off-site community solar programs where commercial anchor tenants and community members subscribe to share in savings from solar generation supplied to the grid. Utilities issue bill credits to subscribers, expanding clean energy access for businesses and community members without requiring onsite panels.
- EPC Financing Financing and acquisition solutions for EPCs and ESCOs, providing flexible capital, streamlined transactions, accelerated development, and long-term operations support to remove complexity from solar project execution. Includes EPC financing and long-term asset ownership handoff for completed projects.
- Land and Rooftop Leasing Long-term land and rooftop lease programs for property owners (criteria: 20+ acres of land or 100,000+ sq ft rooftops, currently focused on California and Hawaii). Delivers competitive, fixed annual lease income to property owners while REC Solar manages construction, ownership, and operations of the solar asset on the property.
- REC Solar Hawai'i Commercial Solar REC Solar's Hawaii-focused commercial solar IPP service offering onsite solar, microgrids, and energy storage for businesses, municipalities, and schools across Oahu, Maui, Big Island, Kauai, and beyond. Includes a permanent local team led by a General Manager and Assistant Project Manager, and has delivered 120+ projects since 2007.
- REC Solar Panel Slugging Services Maintenance and operations service for commercial solar customers, offered as an additional service line by REC Solar to its owned-asset fleet. Referenced on the commercial solar project blog as part of the company's ongoing O&M offering.
Quantifiable outcome
- 290+ MW of solar & storage assets owned and operated
- +11 more outcomes
Companies that use REC Solar
Customer profileNamed customers18 records
Segments8 records
Ideal customer profiles7 records
REC Solar technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability7 records
Feature6 records
REC Solar partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, project-level and historical.
- Kingspan Insulation North AmericacoreJoint project completion of an 881 kW rooftop solar installation at Kingspan's manufacturing facility in Mendota, Illinois. REC Solar owns and operates the system under a 25-year PPA as part of Kingspan's Planet Passionate sustainability program (target: solar PV across all wholly-owned sites and 60% direct renewable use by 2030). Project uses 50,000 sq ft of rooftop, projected to generate ~1M kWh/year and offset ~870 metric tons CO2/year. Kingspan's third North American solar project.
- Dynamic Energyproject-levelJoint project partner with REC Solar and Kingspan Insulation on the 881 kW Mendota, Illinois rooftop solar installation. Co-developed the Kingspan project as part of the multi-party collaboration.
- Arctic ColdcoreREC Solar contracted with cold storage solutions and logistics company Arctic Cold to deliver a 3.3 MW rooftop solar system at Arctic Cold's new Santa Maria, California facility. System offsets ~83% of facility energy needs, ~$850K first-year savings, ~2,953 metric tons CO2 avoided/year. PPA structure protects against future energy price increases; site designed for future BESS integration. Arctic Cold will pursue LEED Certification.
- Ventura Energyproject-levelREC Solar, Ventura Energy, and Farmers Irrigation Company completed a 1.73 MW solar project in Santa Paula, California.
- Farmers Irrigation Companyproject-levelREC Solar, Ventura Energy, and Farmers Irrigation Company completed a 1.73 MW solar project in Santa Paula, California.
- SunrunhistoricalIn 2014, REC Solar sold its residential division to Sunrun, allowing REC Solar to shift its business model to exclusively focus on commercial solar. Transaction partner, not a current operating alliance.
- Good Currentproject-levelREC Solar partnered with Good Current on the Kona Village, a Rosewood Resort project — REC Solar coordinated all design engineering, permitting, procurement, and construction work for 4 MW of solar and a 12 MWh battery microgrid.
- Kennedy Wilsonproject-levelGlobal real estate investment company Kennedy Wilson undertook the renovation of Kona Village (a Rosewood Resort) and partnered with REC Solar (via Good Current) to achieve its self-sustaining resort goal. Michael Eadie (Kennedy Wilson) is quoted in the case study.
- ARC Alternativesproject-levelARC Alternatives was engaged by Central Contra Costa Sanitary District (Central San) to explore avenues for expanding its solar PV footprint and identify energy efficiency opportunities. REC Solar worked jointly with ARC Alternatives and Central San to design, engineer, procure, and construct the 2.2 MW ground-mount array.
- Service Disabled Veteran Owned Small Businesses (SDVOSB)project-levelREC Solar partnered with Service Disabled Veteran Owned Small Businesses (SDVOSB) to deliver 30+ MW of design/build grid-tied solar PV projects for the U.S. Department of Veterans Affairs across multiple states.
Scale indicators12 records
Recent moves8 records
Expansion highlights6 records
REC Solar competitors and assessment
Company assessmentDirect peers
- ForeFront Power: ForeFront Power is a commercial, institutional, and public-sector solar and storage developer/owner that delivers onsite and community solar through PPAs. It targets many of the same customer verticals as REC Solar — schools, municipalities, and commercial businesses — using a similar IPP-style model.
- Catalyst Power: Catalyst Power is a distributed energy solutions company providing onsite solar, storage, and EV charging to commercial and industrial customers through PPAs. Its business model, customer profile, and scale band closely mirror REC Solar's commercial onsite offering.
- Pivot Energy: Pivot Energy is a PE-backed commercial and community solar developer and IPP that finances, owns, and operates distributed solar projects nationwide. It is a close direct peer to REC Solar in the community solar and C&I PPA segments.
- Southern Current: Southern Current is a Southeast-focused commercial and utility-scale solar developer and IPP that develops, finances, and owns distributed PV and storage projects. It is comparable in business model to REC Solar but concentrated regionally in the U.S. Southeast.
Broad incumbents
- ENGIE North America: ENGIE is a global utility and one of the largest C&I and small-utility-scale renewable IPPs in the U.S. It directly competes with REC Solar in commercial onsite solar, storage, and corporate VPPAs, but operates at much larger scale across a broader portfolio of generation, gas, and services.
- Lightsource bp: Lightsource bp is a global utility-scale and C&I solar developer and IPP with significant U.S. operations. It competes with REC Solar for corporate off-take and community solar deals, but operates at much larger project and capital scale.
- NextEra Energy Resources: NextEra Energy Resources is the world's largest generator of wind and solar energy and an active acquirer of distributed and utility-scale solar assets. It overlaps with REC Solar in the C&I onsite, community solar, and corporate VPPA space, and is a frequent counterparty on the buy-side of solar portfolio transactions.
- EDF Renewables North America: EDF Renewables develops, owns, and operates utility-scale and distributed solar + storage in the U.S. and competes with REC Solar for the same commercial, municipal, and utility off-take customers, but at materially larger project sizes and with greater balance sheet capacity.
Emerging players
- Clean Energy Credit Union / PosiGen (community solar): PosiGen is a residential and community solar provider offering fixed-rate PPAs and community solar subscriptions. It overlaps with REC Solar's community solar business and increasingly with LMI and small commercial segments, though its core remains residential.
- Ampion: Ampion is a community solar subscription platform that connects subscribers to offsite community solar projects. It is a partial peer in REC Solar's community solar subscription line, though Ampion is a software/aggregation platform rather than an asset owner.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
REC Solar social profiles
Digital presenceREC Solar financial estimates
Financial estimateRevenue estimate
Valuation estimate
REC Solar leadership team
Management profileNumber of profiles
Profiles22 records
REC Solar subsidiaries and ownership
Company hierarchySubsidiaries1 record
REC Solar funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
REC Solar M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about REC Solar
What does REC Solar do?
REC Solar finances, owns, and operates commercial-scale distributed solar PV and battery energy storage systems for U.S. commercial, institutional, municipal, and utility customers, delivering electricity through long-term (typically 20–25 year) zero-upfront-cost Power Purchase Agreements (PPAs) and Corporate Virtual PPAs (VPPAs). It also provides Community Solar programs, acquires solar and storage projects and portfolios (including distressed assets), offers EPC Financing to engineering, procurement, and construction firms and energy service companies, and runs a Land and Rooftop Leasing program for property owners, with a dedicated Hawai'i regional offering.
Is REC Solar a public or private company?
REC Solar is a private company. It is classified as private equity controlled and is currently operating.
When was REC Solar founded?
REC Solar was founded in 1997. It employs 11 to 50 people.
Where is REC Solar based?
REC Solar is headquartered in San Luis Obispo, United States, in the North America region.
How does REC Solar make money?
Six revenue lines are on record. Onsite Solar + Storage Power Purchase Agreements (PPAs) is the primary driver. The others are corporate Virtual Power Purchase Agreements (VPPAs), solar Project & Portfolio Acquisitions, community Solar Subscriptions, land and Rooftop Lease Income (Origination Pipeline) and long-Term Asset Operations & Maintenance (Managed Services for Owned Fleet).
Who are REC Solar's main competitors?
Direct peers on record are ForeFront Power, Catalyst Power, Pivot Energy and Southern Current. Broad incumbents are ENGIE North America, Lightsource bp, NextEra Energy Resources and EDF Renewables North America. Emerging players are Clean Energy Credit Union / PosiGen (community solar) and Ampion.
Does REC Solar have an API?
No public API is recorded for REC Solar.