EDF Renewables North America affiliate PowerFlex said it received a $100 million investment from Manulife Investment Management (Manulife IM) on behalf of investors.
Manulife IM now holds a minority stake in PowerFlex and has joined its board of directors. EDF Renewables retains majority ownership. Manulife IM also acquired a portfolio of existing operating assets to serve as the basis for a dedicated financing vehicle for future projects.
PowerFlex said it plans to use the proceeds to further invest in PowerFlex X, its line of software and hardware that integrates and co-optimizes onsite energy assets, and centralizes control, data collection, and reporting into a digital platform.
The investment is also expected to enable PowerFlex to accelerate deployment of onsite solar, storage, and EV charging to meet increasing customer demand driven by corporate sustainability commitments, individual state renewable portfolio standards and targets, and federal legislation, such as the Inflation Reduction Act.
EDF Renewables consolidated its onsite solar, storage, and EV charging offerings under the PowerFlex brand in 2021. It has more than 400 MW of installed solar capacity in service, PowerFlex makes solar and storage easy for corporate customers. The company has deployed and operates approximately 10,000 chargers, which can be integrated with solar and storage systems for increased resiliency and cost-savings.
