Initial Projects Slated for Staples, Inc. Hudson United Capital Provides Financing
FREDERICK, Md., and BALTIMORE, June 9 /PRNewswire-FirstCall/ -- Sun Edison LLC today launched "SunE Solar Fund I", a $60 million fund to support the installation of up to 25 solar electric systems in the United States. The systems will be supplied by BP Solar as part of the BP Solar Energy Solutions(TM) offer and will be installed at facilities owned or leased by national retailers and state entities.
The first three projects utilizing the fund will be installed this summer on three Staples facilities in Rialto, and Ontario California and Englewood, New Jersey. At a total of 680 kilowatts, these three systems will collectively generate about enough electricity to power 135 homes per year.
"BP Solar and Sun Edison are taking meaningful steps to develop the renewable power marketplace," said Mark Buckley, vice president of environmental affairs at Staples, Inc. "Staples looks forward to working with them as an important part of our company-wide commitment to reducing climate change impacts from energy use."
The fund will pay for the upfront capital costs of installing and operating the solar systems for companies and municipalities that qualify for the fund. Such entities pay only a fixed, often below-market, rate for the electricity generated from the solar system for a 10 to 20 year term. According to Sun Edison founder Jigar Shah, "Our pioneering fund helps qualifying companies reap the benefits of solar electricity with no upfront cost and without affecting their balance sheet."
The fund structure consists of construction loans, senior term loans and partnership equity, all of which will be drawn down over the course of one year. Hudson United Capital, a division of Hudson United Bank, provided the construction and senior term loans. An affiliate of The Goldman Sachs Group provides the equity. Affiliates of Marathon Capital, LLC acted as exclusive financial advisor to Sun Edison, LLC.
BP Solar Energy Solutions includes the solar system hardware and support products that ensure the systems are easily operated and monitored. BP Solar's use of proven system designs and materials along with their 25-year product warranty gives them the ability to guarantee the energy output of the solar system making possible the offer of a fixed energy price to the end customer.
BP Solar is a global company with over 2000 employees focused on harnessing the sun's energy to produce solar electricity. This includes the design, manufacture and marketing of quality solar electric systems for a wide range of applications in the residential, commercial and industrial sectors. With over 30 years of experience and installations in over 160 countries, BP Solar is one of the world's largest solar companies and has manufacturing facilities in the U.S., Spain, India and Australia. BP Solar is part of BP, one of the world's leading energy companies. To learn more, visit http://www.bpsolar.com.
Sun Edison, LLC, headquartered in Baltimore, Maryland, is dedicated to providing financial and installation solutions for solar projects to the public, private, and municipal sectors, supported by the belief that solar energy is a critical way to fight global warming, clean the air, meet growing energy needs, and make America energy independent. Using available incentive programs, straightforward structured financing, and socially responsible investors, Sun Edison has been able to package solar to "Host" customers in a way that provides competitively priced solar energy with none of the hassles or risks associated with system ownership. http://www.sunedison.com
Hudson United Capital, based in Westport, Connecticut, specializes in financial solutions for the development, acquisition and expansion of power generation, renewable fuels and energy, and related infrastructure projects throughout the United States.
Marathon Capital, LLC is a leading investment bank and financial advisor focused on delivering financial services and products to the power production, biofuel, energy conservation and renewable energy markets. Marathon's headquarters are located in Bannockburn, Illinois with offices in New York City. http://www.marathon-cap.com
Notes to editors:
Owners of large commercial facilities in New Jersey and California that are interested in being a "Host" customer can contact Claire Broido at 410- 528-1922.
Sun Edison is hosting a workshop on June 16, in New Brunswick, NJ for energy managers interested in working with Sun Edison to install solar at their facilities with no upfront cost. For more information visit http://www.sunedison.com.
Source: BP Solar