Newsroom

SJF Ventures and NGP Energy Technology Partners Invest in Community Energy, Inc.

Leading Renewable Energy Developer Closes Series A Investment

(Radnor, PA October 5, 2010) – SJF Ventures, joined by NGP Energy Technology Partners (NGP ETP), completed a Series A Preferred Stock investment in Community Energy, Inc. (CEI), a leading renewable energy developer and marketer.  The investment will fund CEI’s plan to expand its pipeline of utility scale solar generation projects under development in the Northeast, Mid-West, and West.  In announcing the Series A funding, the Company emphasized the strategic relationships with these two firms as it moves to expand its solar project pipeline.  “SJF and NGP ETP bring the industry-leading credentials and depth in the energy industry that we were seeking as we scale up our solar development plan,” said CEO Brent Alderfer; “We have a 10-year track record of building on strategic partnerships to develop renewable energy projects, and these two investment partners are among the best in the business.”

“In the past, we’ve looked at the renewable energy project development space, but haven’t found a match until now,” said Chris Sorrells, Managing Director at NGP Energy Technology Partners. “We are pleased to join SJF Ventures in backing a very proven management team to aggressively pursue utility scale solar development in their target markets.”  

 SJF Ventures led the Series A investment totaling $4 million, with an option to invest another $2 million.  “We liked the seasoned leadership team at CEI, and their 10-year track-record of success in early-market renewable energy development and renewable power marketing,” said David Kirkpatrick, Managing Director of SJF Ventures, who has joined the CEI Board of Directors.   “The solar power market is just opening up at scale, and we look forward to advancing that market with Community Energy.”

About SJF Ventures
SJF Ventures is a venture capital fund with offices in Durham, NC, New York and San Francisco.  SJF has an eleven-year successful record of assisting visionary and talented management teams in building industry-leading firms.  SJF provides strong expertise and networks in the cleantech, sustainability and technology enhanced services sectors, including particular experience in renewable energy.  SJF portfolio firms include groSolar, CleanScapes, eRecyclingCorps, Fieldview, MediaMath, ServiceChannel, and Ed Map. For more information, visit www.sjfventures.com.

About NGP Energy Technology Partners
NGP Energy Technology Partners established in 2005, is a leading private equity firm investing equity capital for growth and buyout transactions for companies that provide products and services to the oil and gas, power, energy efficiency, and alternative energy sectors. NGP ETP, with $496 million in capital under management, is managed by investment professionals with extensive experience investing in virtually all types of energy technology and a strong track record of identifying strong management teams and working with them to create significant value. NGP ETP is affiliated with NGP Energy Capital Management, a $9.5 billion firm that has been a leading investor in the natural resources sector since 1988.  NGP ETP is headquartered in Washington, D.C. and has offices in Irving, TX and New Orleans, LA. 

###