Panasonic Eco Solutions, a division of Panasonic of North America, and alternative energy firm Coronal Management, have acquired a solar portfolio from Macquarie Capital for an undisclosed amount, bringing the total assets jointly developed by the two companies to over 30 megawatts (MW).
Located in central California, the nine solar projects that comprise the California CREST (California Renewable Energy Small Tariff) portfolio total 16.2 MW and will power approximately 14,500 homes annually through Southern California Edison’s power grid.
The projects will be built by Panasonic Eco Solutions and ImMODO Energy Services, the US subsidiary of Spanish solar project developer ImMODO Solar, by the middle of 2014.
Panasonic provided 100 percent of the initial financing, allowing the deal to close promptly.
“Their ability to close this transaction quickly and without any financial contingencies sets their platform apart in the business,” ImMODO Energy Services president Don Watson said, referring to the Panasonic Eco Solutions and Coronal Management business model.
The two companies established a strategic relationship two years ago aimed at facilitating the development and commercialisation of solar photovoltaic projects (PV) between 250 kilowatts and 20MW in the commercial, industrial, municipal and small utility (CIMSU) markets from inception to commercial operation, including construction, equity financing, engineering procurement, and operations and maintenance of the systems.
“The financial and structural complexities of solar installations are the biggest challenges for companies interested in adopting clean, sustainable solar energy,” Panasonic’s head of US Eco Solutions Jamie Evans said. “The Coronal-Panasonic platform is a new, integrated business model that removes those obstacles to solar energy.”
The two partners expect to close a number of similar-sized transactions in the coming months and expect to implement 100MW by the end of 2014, according to a statement.
Panasonic Eco Solutions North America develops and provides customised and integrated technology-based energy solutions for customers in both the public and private sector.
Coronal Management finances, builds, operates and maintains solar photovoltaic projects for institutions, corporations and non-profit organisations throughout the US, Canada, and Puerto Rico.