SparkSpread: Morpho Energy has raised growth capital from Forest Road Renewables

Renewables developer Morpho Energy has raised growth capital from Forest Road Renewables, a company spokesperson confirmed.

The USD 5m investment will help Morpho outfit commercial and industrial (C&I) buildings with solar. The company will use the proceeds to grow its portfolio of C&I rooftop and carport solar projects, and scale its onsite energy as a service offering. 

Forest Road is a climate-focused infrastructure platform within The Forest Road Company.

Legal for Morpho Energy was Bryan Cave Leighton Paisner and Foley Hoag assisted Forest Road, the spokesperson added. There was no external financial advisor but the process was supported by FCM Services.

“We brought together an all-star team, which we’re now expanding, to unlock the nearly 90 billion square feet of C&I rooftops in the US we see as idle real estate assets,” Conrad Chase, CEO of Morpho, said in a prepared statement. “With this new corporate financing, our current development capital facility, and the newly passed Inflation Reduction Act and the tax credits it increases and extends, we are well positioned to capitalize on this massive moment in history to the benefit of everyone we work with and serve.”

Morpho’s customers include six of the largest Real Estate Investment Trusts (REIT) in the US. The company projects its pipeline will expand to more than 300 MW by the end of 2023.

Forest Road Renewables also recently completed a USD 36m investment in Pathway Power.