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July 17, 2008
San
Francisco, CA, USA: Recurrent Energy Announces $75M in Solar Funding
Recurrent
Energy, a solar power developer and the pioneer in "Solar
as a Service", is partnering with Hudson Clean Energy Partners.
Hudson has committed an initial $75MM to fund the expansion of
Recurrent Energy’s business providing Solar as a Service to commercial
and industrial properties, as well as utility and government markets
in North America, and emerging markets worldwide.
“With
today’s announcement, we’re combining the two key ingredients
that are necessary to bring solar power to scale: access to capital
and the expertise to put it to use,” said Arno Harris, Chief Executive
Officer, Recurrent Energy. “We’re excited to work with Hudson
and its team of clean energy experts. It was clear from day one
that we share a common vision of what it takes to be successful
in the downstream solar market.”
“The
main factors in our decision to partner with Recurrent Energy
were the quality of its management team and their vision for how
to scale the business – both of which will enable the company
to produce a major leap forward in the adoption of onsite solar
electricity,” said Neil Auerbach, Founder and Co-Managing Partner,
Hudson. “We anticipate that this is just the beginning of an even
larger financing relationship, and we are committed to providing
Recurrent Energy with the resources it will need to be a powerhouse
in solar energy.”
“Global
demand for solar installations and the supply of solar modules
have increased to the point that extraordinary value can be created
from customer-facing service providers. That’s where Recurrent
Energy comes in and why we so strongly support their strategy
for making solar affordable and attractive to mainstream energy
buyers,” commented John Cavalier, Co-Managing Partner, Hudson.
Recurrent
Energy develops, owns, and operates distributed solar power systems,
selling clean energy to large scale energy users at competitive
rates via a Power Purchase Agreement (PPA). Customers achieve
reduced carbon emissions, energy independence, predictable pricing,
and enhanced sustainability — without the upfront cost, risk of
ownership, or the operating burden of doing it themselves. The
City and County of San Francisco is a recent Solar as a Service
adopter, having announced plans for a 5 Megawatt system with Recurrent
Energy – the largest municipal solar photovoltaic project in U.S.
history.
Further details about: Recurrent
Energy and Hudson Clean
Energy Partners
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