Green Lantern Solar has hired Javelin Capital to initiate a capital raise for up to USD 150m in corporate equity to support project and platform growth, according to sources familiar with the situation.

A confidential investment memorandum (CIN) is expected to go out soon.

Green Lantern declined to comment.

The distributed generation and community solar developer has developed about 125 projects and owns 31 of those projects across several states including Maine, New Hampshire, New York, and Maryland. The capital raise is expected to expand the independent power producer’s (IPP) footprint in new and already active markets.

Over the last 12 months, Green Lantern added 30 new solar and storage projects to its pipeline and welcomed several new team members including a site acquisition specialist and a director of development, according to an April 1 press release.

In January, the Vermont-based developer sold a 500 kWac project in Brighton, Vermont, toSea Oak Capital, according to NPM intel.

In July 2024, the developer also closed on the sale of two fully permitted community solar projects in Maine toMadison Energy Infrastructure. In May 2024, the developer sold a portfolio of eight more projects to Sea Oak Capital also in Vermont. The projects were each 500 kWh net-metered community solar projects comprised of NTP and COD projects.

“We’re strategically building one of our strongest pipelines to date by focusing on smart land acquisition, forging reliable affiliations with strategically aligned development partners, and continuing to build trusted relationships with landowners,” said Green Lantern President Scott Buckley in a press statement.