Historic Texas Winter Storms Augmented Consumer Interest in Freedom Solar’s High-Quality Solar Power and Backup Solutions
AUSTIN, TEXAS—March 4, 2021. Freedom Solar, Texas’s leading turnkey solar energy installer for residential and commercial solar solutions, today announced that two new equity partners, Genesis Park and GEC, both Houston-based, have invested in the company and highlighted the value these partners bring to Freedom Solar’s future.
“We are excited about having Genesis Park and GEC as equity partners because we will now have the capital needed to continue our course of aggressive growth across Texas and Colorado and into other states,” said Freedom Solar CEO Bret Biggart. “Our new partners have vast experience in renewable energy and understand our industry. They will provide strong financial backing, but the same dynamic team that has driven our success since its founding will continue at the helm.”
Freedom Solar completed its most successful year in 2020 and is growing even more rapidly in 2021. In fact, Freedom Solar posted its highest sales in February since the firm’s inception in 2007. The devastation of Winter Storm Uri has triggered a whole new wave of interest in solar and backup power installations.
“We have known Freedom Solar for years and are pleased to support its commitment to bring reliable alternative energy to consumers across the country,” said Genesis Park Partner Paul Hobby. “The critical factor in solar is highly trained crews, top-quality equipment, and efficient installations,” he continued. Hobby has an extensive history in power markets and has been involved in renewable energy as a customer and investor for more than 15 years.
“Our investment in Freedom Solar occurs as the number of consumers looking to take control of their energy independence is growing and financial incentives for going solar are stronger than ever before,” said GEC Founder and Managing Partner Jonathan Fairbanks. “With the federal tax credits for residential and commercial customers now extended, green energy is easily within reach of the average homeowner or business.” Fairbanks previously founded a company that completed the largest number of offshore wind installations in the North Sea and Asia. Over the past 12 years, he has led GEC to invest in wind and solar energy transition services.
Despite challenges associated with the COVID pandemic, during 2020 Freedom installed 2,087 residential projects representing 16,286 kilowatts (kW) of solar power and 19 commercial contracts totaling 3.8 megawatts (MW). Financially, Freedom Solar accomplished $98.8 million in residential and commercial sales in 2020, a 52% year-over-year increase.
With the addition of its new equity partners, Freedom Solar’s Board of Directors now includes CEO Bret Biggart and President Ryan Hunter; Hobby, of Genesis Park; Fairbanks, of GEC; and Scott Whitworth, of WM Capital Partners.
“We will continue to grow our Freedom Solar team—especially in areas of sales, customer service and installation—to capture the burgeoning demand for solar and backup power,” said Biggart. “With Genesis Park and GEC as our equity partners, we will be able to strengthen our position in the market, while maintaining the same high level of performance Freedom Solar is known for. There is a new, yet-unseen level of interest in solar power and energy independence, and Freedom Solar will be there to meet the demand, helping the U.S. make great strides toward solar energy over the next decade.”
About Freedom Solar
Freedom Solar is the leader in turnkey solar installations in Texas, providing high-quality, cost-effective, reliable solar solutions for the residential and commercial markets. Also a Tesla Powerwall Certified installer, Freedom Solar has installed more than 88 megawatts of solar panels since 2007 and ranks number 338 on Inc. magazine’s 500 fastest-growing private companies in America. The company has been recognized by Austin Energy as the number-one supplier of residential solar systems in Austin, by GreenTech Media as the largest residential solar installer in Texas for three years running and by the Austin Business Journal as the fourth fastest-growing company in Central Texas. Freedom Solar was named by the Austin Business Journal as a Best Place to Work for the second consecutive year in 2020 and was ranked 129th on the 2019 Top Solar Contracts List by Solar Power World magazine, up from 220th the previous year. Freedom Solar has completed projects for numerous corporate clients including Whole Foods, Office Depot, Lake Flato Architects, and The University of Texas, among others. For more information, visit www.freedomsolarpower.com.
About Genesis Park
Genesis Park is a Houston-based investment firm founded in 1999 that focuses on investments in the southern U.S. The firm provides flexible equity and debt solutions to support clients’ needs for growth and transformational capital. The Genesis Park partners have worked together for more than 20 years. Their deep Texas roots, operating experience and extensive network afford unique advantages for portfolio companies. For more information, visit www.genesis-park.com/.
GEC is a Houston-based private equity firm that invests growth capital in clean energy technology companies with commercially proven software or patented innovations. GEC’s companies enable the global energy transition by decarbonizing energy systems while increasing productivity and efficiencies. Founded in 2008, GEC has deployed $400 million in 15 platform investments and exited seven companies. For more information, visit www.geclp.com.