Irvin, former SunPower Managing Director of Structured Finance, will strengthen Sungevity's affordable solar lease, lead company's finances
OAKLAND, Calif. - Feb. 3, 2011 - Sungevity, the nation's fastest growing provider of residential solar installations, announced today the hire of Mac Irvin as its new Chief Financial Officer (CFO). In his role as CFO, Irvin will lead all of the company's corporate finance and accounting activities, and secure additional project financing for Sungevity's innovative, affordable solar leasing product.
Irvin, who most recently served as SunPower Corp.'s Managing Director of Structured Finance & Business Development, brings to Sungevity more than 20 years experience in equity investments, fund raising, leasing and other highly structured transactions in domestic and international markets. He has been involved in leading acquisitions, building revenue and establishing joint ventures. Irvin's experience spans a range of sectors including broadband, smart grid and surface transportation.
At SunPower, Irvin secured over $500 million in solar transactions with Morgan Stanley, General Electric, Wells Fargo, Metropolitan Life, Key Bank, Integrys, NRG and others to finance company installations.
"Mac brings industry-leading knowledge of structured finance and the tax equity market to Sungevity," said Charles Ferer, Sungevity president and CFO. "As we expand to the East Coast and continue our rapid growth, we look forward to using his expertise to enlarge the scope of our leasing program, making a strong company and product even stronger. With Mac as part of our team, we plan to help more Americans enjoy the benefits of clean and affordable solar energy."
With Irvin joining Sungevity, Ferer will remain as president of the company.
The biggest barrier to the adoption of solar power is the upfront cost of getting a system onto rooftops. Approximately 90 percent of the lifetime cost of a home solar system involves payments for panels and installations. Sungevity's Solar Lease allows homeowners to go solar without that upfront cost. Sungevity designs and installs customized solar systems, then leases the panels to customers for a low monthly rate.
"Residential solar is an asset class that is gaining ever more acceptance among corporate and project financiers," said Irvin. "It has every bit as much potential as utility and commercial installations. I'm delighted to be a part of the Sungevity team and to make that potential a reality by enabling more U.S. homeowners to go solar without having to front the full cost of their systems."
Mr. Irvin comes to Sungevity at a time of rapid growth for the company. In December, the company announced it had secured $15 million in Series C funding to continue expansion to the East Coast. This expansion will occur in the spring. The company also recently rolled out Sungevity.org, a program that helps non-profit organizations and schools raise money while getting homeowners in their local communities to go solar.
Sungevity has designed a unique online sales process to make it easy and affordable for homeowners to go solar. Sungevity's Solar Lease offer gives most customers savings from the start. For many the electricity bill savings start immediately and increase over time. Sungevity has an easy online "iQuote" process, which enables Sungevity to use satellite images and aerial photography to assess customers' roofs remotely and accurately determine the homes' solar potential. This allows the company to furnish thousands of customers with a firm proposal to use solar power with no capital cost within 24 hours.
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