Goldman Sachs and Cleanhill Partners acquire majority stake in EPC Power – pv magazine USA

With clean energy installations projected to skyrocket, the two financial powerhouses value EPC Power’s position in the evolution of the industry.
EPC’s 1500 V DC-DC to enable DC-coupled solar plus storage.
Image: EPC Power
EPC Power Corp., a supplier of smart inverters for utility-scale solar installations, today announced the Sustainable Investing business within Goldman Sachs Asset Management and Cleanhill Partners acquired a majority stake in its company. The transaction closely follows the passage of the Inflation Reduction Act of 2022, which among other provisions, extends a first-ever tax credit to stand-alone energy storage, creating a significant financial incentive for clean energy technologies.
EPC Power, headquartered in San Diego, Calif. is an end-to-end power conversion solution provider. Its main products are designed for utility-scale applications as well as business and facility applications, and its smart inverters are designed for applications in standalone energy storage, solar energy storage and data center backup power. Going beyond the role of traditional inverters to feed power into the grid, smart inverters are powered by advanced software and work dynamically with the grid to increase resilience, reliability, safety, and security.
“EPC Power is uniquely positioned to play a critical role in the evolution of the U.S. solar and energy storage value chains and is now well capitalized to continue its trajectory of rapid growth,” said Alexander Mass, managing director of Goldman Sachs Asset Management. “As the only scaled supplier of smart inverters that are designed, engineered and 100% manufactured in the U.S., EPC Power is a natural continuation of our thematic investment activity in this space, in partnership with Cleanhill Partners and EPC management.”
To date, EPC Power has sold more than 2 GW of smart inverters globally. Its first manufacturing facilities are in Poway in San Diego County, Calif., with a second U.S. manufacturing location on the East Coast scheduled to open in late 2022 to significantly expand production capacity. With a growing customer base in Europe, EPC Power also maintains an engineering and sales office in Helsinki, Finland. The company employs approximately 180 people.
“In an exploding market of cleantech innovators, EPC Power stands out for its industry-leading technology, which directly supports the renewable energy transition while preserving grid reliability and performance,” said Rakesh Wilson and Ash Upadhyaya, managing partners at Cleanhill Partners, which first invested in EPC Power in 2021 when it underwrote a credit facility to support its growth; since then, the firm has also provided counsel on operational matters and facilitated strategic partnerships to help the company achieve rapid scale. “As prior investors in EPC Power, we have every confidence that the company will meet its ambitious and environmentally critical objectives and we are excited to partner with Goldman Sachs for the next stage of EPC Power’s growth.”
The strategic investment positions EPC Power to further expand to be ready to meet the growing demand for renewable energy storage markets. Global energy storage installations are projected to multiply 20 times by the end of 2030 compared to the end of 2020, according to BloombergNEF’s 2021 Global Energy Storage Outlook, with the U.S. currently being the world’s largest market. Wood Mackenzie sees the United States on a path to be a 27 GW annual market by 2031, and 83% of that figure will be utility-scale storage.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:
More articles from Anne Fischer
Please be mindful of our community standards.
Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.
Legal Notice Terms and Conditions Privacy Policy © pv magazine 2022
Welcome to pv magazine USA. This site uses cookies. Read our policy.
The cookie settings on this website are set to “allow cookies” to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click “Accept” below then you are consenting to this.


Leave a Comment