Green Lantern Solar, a Vermont-based community and C&I solar developer, has launched a capital raise, sources familiar with the situation told Infralogic.

Javelin Capital is acting as financial advisor on the process that launched this month, the sources said. Green Lantern is looking for corporate level equity, according to the sources.

The target raise is up to USD 150m, which can be deployed at the platform and project level, according to an additional source familiar with the matter.

Green Lantern declined to comment, while inquiries to Javelin Capital were not returned.

Headquartered in Waterbury, Vermont, Green Lantern has completed more than 115 commercial, community solar, and solar-plus-storage projects totaling more than 65 MW, according to the company’s website. The company was founded in 2011, and that year brokered one of the industry’s first tax equity deals, according to the site. Luke Shullenberger is listed as the principal founder of the company, while Bill Miller is also listed as a founder on the website.

In January this year, Green Lantern announced the sale of its 500 kW Brighton Solar project to Sea Oak Capital.

In February 2024, Green Lantern President Scott Buckley told Infralogic that the company was solidifying a deal for up to USD 25m of development capital. The goal, Buckley said at the time, was to be a “pure [Notice to Proceed] shop” and sell projects to long-term owners.

The company has changed its business model to become an IPP,  the additional source said. The company now owns and operates 31 projects across the northeast.

With policy and cost uncertainty posing a challenge for solar development, investors are increasingly viewing DG as an attractive alternative to utility-scale renewable generation, industry experts have told Infralogic. At least a handful of DG firms are currently in the market for capital, industry sources say.

[Editor’s Note: The article has been updated post-publication to note Green Lantern’s targeted raise amount is USD 150m and that it has changed its business model.]