Omnidian, a solar asset management firm offering performance guarantees on residential rooftop arrays, has revealed it secured $5.1 million in venture capital backing this summer.
Omnidian offers residential solar owners a performance guarantee so any loss of production, below an agreed level, is reimbursed.
“Performance guarantees for residential solar energy present a major opportunity to create value for asset owners and help drive the next wave of growth in the residential solar market,” said Abe Yokell, co-founder and managing partner of Congruent Ventures, in a press note.
Omnidian claims its team now includes people who have been responsible for managing almost half of all residential solar systems in the U.S., with employees hailing from SolarCity, Sungevity, Spruce Finance and elsewhere.
In little over a year, Omnidian has built up a portfolio including 100 megawatts of capacity under primary management, with a full performance guarantee in place, and more than 300 megawatts for which the company acts as a backup service provider.
The rush is partly a result of residential PV owners becoming more aware of the value of performance guarantees, but also down to companies such as Sungevity going bust and leaving their portfolios in the hands of investors that are not set up for asset management.
“What’s unique to Omnidian is they are working with the backing of insurance companies, so they can offer portfolio-level performance guarantees,” said Brehaut.