SAN ANTONIO, June 13, 2012 /PRNewswire/ -- Energy Finance Company (EFC), through its FUSE Fund (Funding Solar Energy Fund), formally activated its 625,000 watt solar power system at a ribbon cutting ceremony held at the projects site located in San Antonio, Texas on May 8th. The project consists of over 2,700 solar panels located on the roof of a large warehouse complex and will sell 100% of the power to CPS Energy under a 20 year Power Purchase Agreement (PPA). The project is part CPS Energy's Solartricity Program and expected to produce about one million kilowatt hours of solar electricity in the first year. CPS Energy is the nation's largest municipally owned energy utility serving more than 717,000 electric customers in and around the seventh-largest city in the nation.
Among the dignitaries in attendance were Don Stanton, CPS Energy, Bill Sinkin, Chairman of Solar San Antonio, the longtime solar advocate and champion who founded the non-profit Solar San Antonio, Lanny Sinkin, Executive Director of Solar San Antonio, Andrew Wood, Research Associate of Solar San Antonio, Reyad Fezzani, Chairman and CEO of EFC and Jordan Newman, Executive Vice President Finance of EFC.
The installation was completed by Ontility, a Houston, TX based solar construction company and included electrical contracting by KDR Electrical Services and CDI Technology Services, a Member of The South Texas Chapter of National Electrical Contractors Association (NECA).
Andrew Wood with Solar San Antonio commented "We appreciate what you have done for solar in San Antonio. Hopefully we can expand your presence here and get some more large projects financed."
Reyad Fezzani, CEO of Energy Finance Company stated "EFC and its FUSE Fund are excited to enter the Texas market with a high-quality solar power project that will make a positive contribution and statement that solar has reached economic viability with many benefits."
Energy Finance Company / FUSE Fund
Energy Finance Company (EFC) was formed to provide the capital for quality credit commercial, municipal and government customers desiring solar power systems. EFC's Funding Solar Energy Fund, LP (the "FUSE Fund"), is the vehicle that owns and operates the solar projects and provides up to 100% of the capital required. The FUSE Fund uses a unique business model that offers a simple, low-cost way, to purchase solar electricity. FUSE Fund has a strategic relationship with SolarNet, the largest solar distributor in the United States with over 7,000 solar and electrical dealers. www.energyfinancecompany.com
Solar San Antonio
Solar San Antonio is a cutting edge non-profit 501(c)(3) organization making solar energy a major contributor to the creation of the new energy economy. Solar San Antonio connects the private and public sectors through education, innovative marketing, and creative financing programs. Solar San Antonio provides direct assistance to homeowners and businesses ready to "go solar."
CPS Energy is the nation's largest municipally owned natural gas and electric utility, providing service to approximately 728,000 electric and 328,000 natural gas customers in the Greater San Antonio area. The utility offers the lowest rates among the top 10 largest U.S. cities, while ranking number 1 in wind-energy capacity among municipally owned utilities and number 1 in Texas for solar generation. For more information, visit www.cpsenergy.com.
For More Information Contact:
Jay Bado, EFC (310) 545-8400
SOURCE Energy Finance Company