Panasonic Eco Solutions Canada and PNC Bank Canada Branch Solar (PV) Project Collaboration to Benefit Canadian Developers with Unique Solar Financing Platform
Offering small- to mid-size developers a bankable end-to-end solution that includes the ability to finance and complete solar projects
MISSISSAUGA, Ontario--Panasonic Eco Solutions Canada Inc. announced today that it is collaborating with PNC Equipment Finance, a division of PNC Bank Canada Branch, the Canadian branch of PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC) and a specialist in project financing, to offer a unique, bankable end-to-end financing platform for solar PV projects as small as 500 kW in Ontario, Canada. With proven success in projects that have already been fully executed, Panasonic now aims to make the model available to small and mid-size developers in Canada.
The unique platform entails PNC Equipment Finance providing long-term debt solutions that combines with Panasonic's comprehensive solution to design, procure, build, and finance the construction and provide O&M services together with production guarantees for solar PV projects. The combined end-to-end solution by Panasonic and PNC Equipment Finance benefits small to mid-size developers with projects starting from as small as 500 kW.
"One of the biggest challenges we have seen in developing smaller to mid-size solar PV projects is securing competitive long-term debt financing for long-term assets like solar installations," said Walter Buzzelli, Managing Director at Panasonic Eco Solutions Canada. "Panasonic and PNC Equipment Finance help potential projects and system owners that are usually overlooked by offering this unique financing platform, which will allow more projects to see the light of day."
The platform works because it helps financiers like PNC Equipment Finance to leverage Panasonic's solar system production guarantee and financial position to secure long-term debt. Under the Panasonic program, PNC Equipment Finance is able to offer long term debt for as much as 100% of the project costs. The results are much lower up-front capital requirements than smaller developers and system owners are able to achieve on their own. Panasonic's production guarantee together with its end-to-end solution closes the gap, and has already been proven with PNC Equipment Finance in the field, with fully executed projects that utilized this unique solar financing platform.
"This collaboration with Panasonic leverages our experience in energy services and flexible project financing," said Bruce Schruder, Vice President and Senior Account Executive for PNC Bank Canada Branch's equipment finance group. "We provide our Canadian customers the financial support to reach their organization's environmental goals."
Panasonic helps developers and potential system owners select the solar PV generation technology that will best suit their needs and delivers a comprehensive solution that includes construction financing. In addition to financing, Panasonic is also able to offer customers competitive pricing due to its volume buying power. Learn more about Panasonic Eco Solutions Canada at http://www.panasonic.ca/solar.
About Panasonic Eco Solutions Canada Inc.
Panasonic Eco Solutions Canada Inc. is the Canadian arm of a global team within Panasonic Corporation. Its mission is to become the leader in the deployment of renewable, smart energy systems in Canada. Panasonic provides reliable and bankable, end-to-end turnkey solutions, enabling all the required elements for renewable solar and energy storage initiatives, including full installation, financing, long term assurance and operations and maintenance.