Palmetto Gets $1.2 Billion for Home Solar (Correct)

Palmetto Clean Technology raised $1.2 billion in 2024 to finance residential solar and home electrification projects and aims to double that amount this year, the company said.

North Carolina-based Palmetto said it has raised another $300 million so far this month, with plans to reach a total of $800 million for the first quarter. Truist Bank invested $125 million in the company during last year’s fourth quarter and is in negotiations for an additional investment, said Chris Nygren, who heads the bank’s tax equity unit.

Almost all of the money that Palmetto raised last year has already been deployed, said ...