REC Solar

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.

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

Headquarters

HQ city

San Luis Obispo

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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

Go-to-market motion5 records

Distribution channels7 records

Marketing channels10 records

Core 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

Named customers18 records

Segments8 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, project-level and historical.

• Kingspan Insulation North AmericacoreStrategic or Co-development Partner · 10 April 2026Joint 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-levelStrategic or Co-development Partner · 10 April 2026Joint 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 ColdcoreStrategic or Co-development Partner · 5 February 2026REC 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-levelStrategic or Co-development Partner · 23 September 2025REC Solar, Ventura Energy, and Farmers Irrigation Company completed a 1.73 MW solar project in Santa Paula, California.
• Farmers Irrigation Companyproject-levelStrategic or Co-development Partner · 23 September 2025REC Solar, Ventura Energy, and Farmers Irrigation Company completed a 1.73 MW solar project in Santa Paula, California.
• SunrunhistoricalStrategic or Co-development Partner · 1 January 2014In 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-levelStrategic or Co-development PartnerREC 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-levelStrategic or Co-development PartnerGlobal 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-levelImplementation/ SI/ Consulting PartnerARC 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-levelImplementation/ SI/ Consulting PartnerREC 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

Direct 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

• YouTubeyoutube.com/user/RECSolarCompany
• Facebookfacebook.com/RECSolar
• LinkedInlinkedin.com/company/rec-solar
• Xx.com/recsolar

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about REC Solar