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07/16/2008 06:38 AM

Recurrent Energy Secures $75M for Solar-As-A-Service

SustainableBusiness.com News

Recurrent Energy today announced that private equity firm Hudson Clean Energy Partners has committed $75 million 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.

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 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." commented John Cavalier, Co-Managing Partner, Hudson.

The City and County of San Francisco is a recent solar-as-a-service adopter, having announced plans for a 5-megawatt (MW) system with Recurrent Energy--the largest municipal solar photovoltaic project in U.S. history.

Hudson Clean Energy Partners recently partnered with Credit Suisse (NYSE: CS) to assist the international bank in investing $300 million in renewable energy projects.

Website: http://www.recurrentenergy.com

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