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Former Greenskies exec Silvestrini launches $75M solar crowdfunding campaign

A crowdfunded renewable energy startup launched by one of the original founders of Middletown-based Greenskies Renewable Energy has expanded its focus stateside.

Energea launched last year in Old Saybrook. It is led by Michael Silvestrini, who along with his partners sold Greenskies — one of the largest Connecticut-based solar firms — in 2017 and his business partner Chris Sattler, a co-founder of retail energy supplier North American Power.

Energea’s first two funds have acquired a half-dozen projects in Brazil so far, using a combination of crowdfund equity shares ($563,000 sold as of the end of 2020) and other capital.

Now, Energea is seeking to raise up to $75 million to start acquiring U.S. projects.

Energea has a similar business model to Greenskies, and Silvestrini has identified the new fund’s project right on his home turf.

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Energea disclosed in its new offering statement that it expects to acquire a 299-kilowatt rooftop solar array recently completed atop West Elementary School in New Canaan. The project was developed by Plankton Energy, based in New York.

If Energea is able to raise the full $75 million, it said it expects to acquire as many as 100 U.S. projects, but it’s not yet clear how many might be in Connecticut. Besides the New Canaan project, the company hasn’t yet disclosed any other acquisition targets.
 

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