Clean Energy Collective raises $1.4 million

BOULDER – Solar farm developer Clean Energy Collective LLC has raised $1.43 million in a $4.5 million equity offering, according to a filing with the U.S. Securities and Exchange Commission.

Clean Energy Collective disclosed nine investors in the offering, issued by Clean Energy Capital Fund I LLC. The company has $3.07 million left to sell in the offering.

The company will use the funding for 19 small- to medium-sized solar projects, said Clean Energy Collective CEO Paul Spencer.

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The offering will close when the company raises the remaining money, said Spencer, adding that the company plans to follow up with another similar offering that will fund additional solar projects.

“We’ll do about $50 million in projects this year,” he said. “We already have on deck more than $200 million in projects next year.”

Founded in 2010 by Spencer, Clean Energy Collective is developing dozens of solar arrays nationwide, many of them located along the Front Range.

Clean Energy Collective funds the solar projects built by contractors it hires. Its profits come from customers buying panels at higher prices than the company spends building the arrays. The company maintains an operations and maintenance trust account funded by initial sales proceeds and ongoing contributions from electricity production to replace older panels and other equipment.