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HARTFORDBUSINESS.COM | SEPTEMBER 30, 2024 15 ness operations, through a Regulation D offering. Energea recently closed a $2 million campaign and issued a new $5 million offering under Regulation D, which typically restricts investing to accredited investors. "In order to build a war chest for the business, we called upon some of our investor friends and raised a few million dollars in order to pump up the velocity of our marketing spend," Silvestrini said. And while most of Energea's clients are retail investors, it has done business with some of the biggest investors in renewable energy. Energea recently partnered with Brookfield, the largest private equity owner in the world, on a joint venture in Brazil. The business also has investments from BTG, the largest private equity firm in Latin America, and Victory Hill, a listed trust on the London Stock Exchange. Silvestrini said the company's marketing includes video advertise- ments at the beginning, middle and end of TED Talks videos, targeting audiences focused on climate change and other relevant content. Also, Energea has a partnership with NPR to run messages at the begin- ning of podcasts. The goal is to make more people aware of the business and its renew- able energy investment products in order to attract more investors in its solar portfolios. The company targets environmen- tally conscious investors who aren't just looking for a return, but are also interested in impact-driven investing. Energea's returns have been lower than the stock market's in recent years. In 2023, the average S&P return was 26.3%, compared to Ener- gea's average of 13%. But Energea's investments are unique in that they are not tied to stock market fluctuations, including downturns. "Our investments are not correlated in any way to the stock market," Silvestrini said. "If the stock market should have a hiccup — which people have been waiting for, but hasn't happened for many years — your investments in Energea would be unaffected." Industry growth The renewable energy industry is expected to continue to grow, as more countries adopt emissions standards amid the increasing threats posed by climate change. According to the International Energy Agency, the amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023. Last year, increases in renewable capacity in Europe, the United States and Brazil hit all-time highs, according to the organization. Solar energy alone represented three-quarters of renewable capacity additions worldwide in 2023, according to the group. Based on current trends, global solar capacity is expected to increase to 2.5 times its current level by 2030, the organization's research found. Silvestrini declined to provide revenue or profit figures for Energea, but said he's enthused by its performance and long-term prospects. He said the company began generating a profit in 2022. Energea has grown from about five employees in 2020 to 50 today, he said. Last year, Energea moved its headquarters from Old Saybrook to the lively small town of Chester, which sits along the Connecticut River. The company also has offices in Cartagena, a port city in Colombia, and Rio de Janeiro, a city of 6.2 million people in Brazil. It plans to open an office in Cape Town, South Africa, soon. The offices are known as "clubhouses" and have spaces for employees to work and collabo- rate, along with rooms for them to sleep overnight when traveling. PROFOUND TH ANKS Thank you to the leadership and teams at Connecticut's hospitals and health systems. You continue to provide exceptional care to patients across Connecticut, delivering new and innovative treatments while staying ready to respond to emergencies, large and small. INTERNATIONAL SOLAR ENERGY GENERATION SOLAR ELECTRICITY GENERATED* 1.5M GwH 1.2M GwH 900K GwH 600K GwH 300K GwH 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 *Includes solar photovoltaic and concentrated solar power | Source: International Energy Agency