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 per cent of the initial financing needed for this transaction. The projects will be built by ImMODO Energy Services Corporation and Panasonic Eco Solutions by the middle of 2014.
“The financial and structural complexities of solar installations are the biggest challenges for companies interested in adopting clean, sustainable solar energy,” said Jamie Evans, head of US Eco Solutions at Panasonic Eco Solutions North America. “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 US”
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.
“We are excited about working with the Panasonic-Coronal team,” said Don Watson, president of ImMODO Energy Services. “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
“This portfolio acquisition marks an important milestone, bringing our total project development jointly with Panasonic to over US$75 million,” said Jonathan Jaffrey, CEO of Coronal.