Panasonic and Pristine Sun Form Strategic Relationship to Build 50MW of California Solar Farms The start of construction of over $150 million in solar projects begins in late 2012 and will continue through 2014.
SECAUCUS, N.J., March 5, 2013 /PRNewswire/ -- Panasonic Eco Solutions Energy Management North America and Pristine Sun have aligned to begin the first phase of a portfolio build-out of solar PV farms in California over the next 24 months. 50MW of solar power will be connected to the grid and sold to PG&E, which is enough to power approximately 50,000 homes. Together Panasonic and Pristine Sun are the leading integrators in the PG&E Feed-in Tariff program, setting a model that is scalable as both companies continue to entrench themselves as leaders in the U.S. utility solar market.
"The partnership with Pristine Sun provides Panasonic the ability to further present itself as a leading integrator of solar solutions within the ever-evolving U.S. solar market. This 50 MW portfolio will allow Panasonic to showcase its ability to construct high quality solar energy systems and to present its new 12kW dual-axis tracker to the market. Our technology provides a more robust return on investment to project owners based on the high-quality, low maintenance, low cost strategy that has been utilized in engineering this new and evolutionary product that tracks the sun all day. With this, Panasonic can successfully state that this is the industry's first Tier 1 tracker backed by the largest balance sheet in solar today," said Koshi Terakawa, President of Panasonic Eco Solutions Energy Management North America.
"At Pristine Sun, we believe working together with the right partners is paramount to our success. We are dedicated to delivering quality, efficient, high yield, renewable energy based power plants to the communities we serve. With the Panasonic commitment to Pristine Sun and this portfolio, we feel we have found the synergy, expertise and stability needed to deliver. This partnership, combined with the utilization of Panasonic's dual-axis tracker, provides us with the vital ingredients Pristine Sun and our investors demand -- innovation, reliable performance, strong returns and the solid backing to insure long-term operation and success. The Panasonic Eco Solutions partnership mirrors Pristine Sun's commitment to sustainable business, the environment and a future powered by renewable energy," said Jason Jackson, COO of Pristine Sun, LLC.
"We're honored to be working with Panasonic, one of the most respected and largest companies in the world. With our large portfolio of hundreds of small utility projects, we've learned that it's imperative to select a bankable partner like Panasonic to provide turnkey, standardized solutions. This partnership is already accelerating – and reducing the brain damage of – the most important element of the solar industry: project financing," adds CEO Troy Helming.
Panasonic brings unrivaled engineering and building capabilities to the solar projects while operating and maintaining the facilities over their 20 year life. Panasonic's world class operation and maintenance standards will guarantee the power production of the solar energy systems which helps bring further comfort to U.S. consumer market in knowing that solar energy is a sustainable, cost effective and renewable electricity source that everyone can enjoy.
About Panasonic Eco Solutions Energy Management North America
Panasonic Eco Solutions Energy Management North America is a division of Panasonic North America, the principal North American subsidiary of Panasonic Corporation (NYSE: PC). Eco Solutions develops and provides customized and integrated technology-based systems solutions, including the design, implementation and financing of renewable energy and energy efficiency projects, for customers in a number of industries including utility, industrial, sports, entertainment and education among others, in both the U.S. and Canada. Panasonic has pledged to practice prudent, sustainable use of the earth's natural resources and protect our environment through the company's Eco Ideas programs. The company is committed to becoming the electronics industry's leader in green innovation by its one-hundredth anniversary in 2018. In the 2012 Interbrand Annual Best Global Green Brands ranking, the Panasonic brand jumped four spots to number six: http://www.interbrand.com/en/best-global-brands/Best-Global-Green-Brands/2012-Report.aspx
About Pristine Sun, LLC - Pristine Sun, the leading developer of small utility scale projects in California, is a professional full service renewable energy company with a goal to become one of the most respected solar developers in America. Pristine Sun's core management team has an average of 10-16 years of experience each in the development and finance of solar and wind projects with a combined total of over $2 billion. Pristine Sun, originally backed by a $24 billion private equity fund, has a 2 GW solar pipeline with 750 MW of projects under active development. Headquartered in San Francisco, CA. Pristine's business model is simple: we are proficient at acquiring site leases and 20 year Power Purchase Agreements for financeable solar and wind Utility and Behind the Meter projects. We then develop the sites, underwrite, procure financing, construct and operate these low risk projects.
Pristine Sun: developing $1 Billion of solar assets by 2015.
For more information, visit www.pristinesun.com
Aaron Fowles (Panasonic) 619-661-2223 firstname.lastname@example.org
Kevin White (Panasonic) 408-516-7476. email@example.com
Eric Chung (Pristine Sun) 415-848-8154 firstname.lastname@example.org
SOURCE Pristine Sun, LLC