MS subsidiary partners with Brite Energy in solar

Solar company Brite Energy has partnered with MYSolar IX, co-owned by a Morgan Stanley subsidiary and Main Street Power, to launch a residential solar programme.

Brite Energy, the solar arm of business and home security company Protection 1, has launched a new residential solar programme with MySolar IX and Main Street Power Company, a solar power developer and owner/operator, according to a recent statement.

MySolar IX is a company co-owned by Morgan Stanley’s indirect wholly-owned subsidiary MS Solar Investments (MSSI), which makes equity investments in companies that own – directly or indirectly – solar photovoltaic projects. 

Having secured more than $250 million in financing through this partnership, Brite Energy said it will initially finance up to $200 million in residential solar projects in various US states.

“We are proud to partner with Brite Energy and play a role in making solar energy an affordable, alternate power source for more consumers across the country,” said Woody Rubin, senior vice president of Main Street Power, the managing member of MySolar.

With backing from Protection 1 and GTCR, a Chicago-based private equity fund, Brite Energy was formed in June 2014. The company is focusing first on the residential market aiming to add national, commercial accounts in 2015 and to double the amount of available financing throughout the course of the year.

Based in Boulder, Colorado, Main Street Power Company is a developer, owner and operator of distributed generation solar projects. Through its ongoing business relationship with MSSI and its affiliates, the company has developed and closed financing on more than 80 megawatts of distributed generation solar projects across North America.