We looked at this space a little - from our limited understanding, it seemed like the biggest risk was the federal tax credits going away and it not being economically advantageous for consumers to switch to solar. I have a friend with a solar company in CO and he said it's very state-dependent (states like CA, it almost always makes economical sense to switch because electricity is so expensive, but in many other states in the SW, it's not and it becomes much, much harder to sell to consumers). If you decide to explore deeper, I'd be happy to make an intro for you, but we ultimately elected to pass on one that was for sale in Utah (they're actually not uncommon to see listed for sale). It seemed as though alot of the potential success was directly tied to utility commissions deciding whether to raise/lower utility rates making solar attractive or unattractive.

Live Oak Bank has a solar vertical and subject matter expertise. Happy to connect you if of interest. [redacted[redacted]

I looked at a business that provided services to the solar industry. It was an interesting niche little business, but as you alluded to, I couldn't figure out why they were selling out completely if there's so much upside. The multiple they were looking for was too expensive given the risks - Tim mentioned a major one, which is tax credits going away. I actually looked at investing in a solar tax credit syndication business in my past life and have lots of research on that, which I'm happy to share with you if you'd like more info.

Interesting but I’m more interested in specialty equipment and installation/assessment services.

I have 10 years experience in the industry. Send me a message to connect.

Hi Carlos, I have a background in power and renewables in Europe and was looking into one engineering company in the region that specialises in installation, service and maintenance of industrial solar solutions. It was a "no-go" for me due to a mismatch between key financials and my search fund criteria, but I am happy to share my experience and views on the industry. Feel free to send me a message.