Panasonic Eco Solutions North America and Coronal Management are expanding their combined ability to provide integrated solar energy solutions with the acquisition of 16.2 MW of California CREST (California Renewable Energy Small Tariff) projects from Macquarie Capital. The Panasonic Eco Solutions and Coronal platform provides financing for the development and construction of utility scale and distributed generation solar systems to help companies and organizations reduce the complexity of implementing solar installations.
The portfolio consists of nine solar projects located in Tulare and Kings Counties in central California, and will provide enough energy to Southern California Edison’s grid to power approximately 14,500 homes annually. Panasonic provided 100 percent of the initial financing needed for this transaction, allowing it to close quickly. The projects will be built by ImMODO Energy Services Corporation and Panasonic Eco Solutions by the middle of 2014. These projects bring the total of assets jointly developed by the Coronal-Panasonic relationship to over 30 MW.
Jamie Evans, Head of U.S. Eco Solutions at Panasonic Eco Solutions North America said, “The financial and structural complexities of solar installations are the biggest challenges for companies interested in adopting clean, sustainable solar energy. The Coronal-Panasonic platform is a new, integrated business model that removes those obstacles to solar energy. It’s clearly working as evidenced by this current acquisition. We expect to close a number of similar sized transactions in the coming months, further expanding our unique model in the U.S.”
The Coronal and Panasonic Eco Solutions management teams have been working together to develop, finance and operate projects for the last two years and expect to implement 100 MW by the end of next year. The Coronal-Panasonic business model addresses the currently underserved commercial, industrial, municipal and small utility (CIMSU) markets.
Don Watson, President of ImMODO Energy Services, said, “We are excited about working with the Panasonic-Coronal team. Their ability to close this transaction quickly and without any financial contingencies sets their platform apart in the business. We look forward to the successful completion of these projects and many more as the relationship develops.”
Jonathan Jaffrey, CEO of Coronal, said, “This portfolio acquisition marks an important milestone, bringing our total project development jointly with Panasonic to over $75 million. Coronal’s exclusive relationship with Panasonic allows it the flexibility to acquire operating solar assets or partner with developers and EPC (Engineering, Procurement and Construction) providers to build solar projects in North America.”
— Solar Builder magazine