Panasonic Eco Solutions and Coronal Management Acquire California Solar Portfolio
16.2 MW projects in Tulare and Kings Counties in Central California
These projects bring the total of assets jointly developed by the Coronal-Panasonic relationship to over 30 MW.
NEWARK, N.J., Oct. 18, 2013 /PRNewswire/ -- Panasonic Eco Solutions North America (Panasonic Eco Solutions) and Coronal Management, LLC (Coronal) are expanding their combined ability to provide integrated solar energy solutions with the acquisition of 16.2 MW of California CREST (California Renewable Energy Small Tariff) projects from Macquarie Capital. The Panasonic Eco Solutions and Coronal platform provides financing for the development and construction of utility scale and distributed generation solar systems to help companies and organizations reduce the complexity of implementing solar installations.
The portfolio consists of nine solar projects located in Tulare and Kings Counties in central California, and will provide enough energy to Southern California Edison's grid to power approximately 14,500 homes annually1. Panasonic provided 100 percent of the initial financing needed for this transaction, allowing it to close quickly. The projects will be built by ImMODO Energy Services Corporation and Panasonic Eco Solutions by the middle of 2014. These projects bring the total of assets jointly developed by the Coronal-Panasonic relationship to over 30 MW.
Jamie Evans, Head of U.S. Eco Solutions at Panasonic Eco Solutions North America said, "The financial and structural complexities of solar installations are the biggest challenges for companies interested in adopting clean, sustainable solar energy. The Coronal-Panasonic platform is a new, integrated business model that removes those obstacles to solar energy. It's clearly working as evidenced by this current acquisition. We expect to close a number of similar sized transactions in the coming months, further expanding our unique model in the U.S."
The Coronal and Panasonic Eco Solutions management teams have been working together to develop, finance and operate projects for the last two years and expect to implement 100 MW by the end of next year. The Coronal-Panasonic business model addresses the currently underserved commercial, industrial, municipal and small utility (CIMSU) markets.
Don Watson, President of ImMODO Energy Services, said, "We are excited about working with the Panasonic-Coronal team. Their ability to close this transaction quickly and without any financial contingencies sets their platform apart in the business. We look forward to the successful completion of these projects and many more as the relationship develops."
Jonathan Jaffrey, CEO of Coronal, said, "This portfolio acquisition marks an important milestone, bringing our total project development jointly with Panasonic to over $75 million. Coronal's exclusive relationship with Panasonic allows it the flexibility to acquire operating solar assets or partner with developers and EPC (Engineering, Procurement and Construction) providers to build solar projects in North America."
Panasonic Eco Solutions North America
Panasonic Eco Solutions North America is a division of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. The company develops and provides customized and integrated technology-based energy solutions for customers in both the public and private sector.
Panasonic is pledged to practice prudent, sustainable use of the earth's natural resources and protect our environment. In Interbrand's 2013 Annual "Best Global Green Brands" report, the Panasonic brand ranked number four, the highest ranked electronics brand in the report. (http://www.interbrand.com/en/best-global-brands/Best-Global-Green-Brands/2013/Best-Global-Green-Brands-2013.aspx). As part of its continuing sustainability efforts, Panasonic Corporation of North America this year relocated its headquarters to a new facility built to meet LEED certification standards, adjacent to Newark Penn Station in Newark, NJ. Learn more about Panasonic at www.panasonic.com. Follow Panasonic on Twitter @panasonicdirect; additional company information for media is available at www.panasonic.com/pressroom.
Coronal Management, LLC
Coronal Management is an alternative energy firm that develops, finances, builds, operates and maintains solar PV projects for institutions, corporations and non-profit organizations throughout the US, Canada and Puerto Rico. The Coronal team, which brings more than 80 collective years of successful asset and investment management experience and a strong record of solar project development, has been recognized by the White House Office of Innovation and Civic Participation as thought leaders in the solar industry.
Coronal and Panasonic Eco Solutions North America have established a strategic relationship to deliver the first truly comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects between 250 kW and 20 MW in the commercial, industrial, municipal and small utility (CIMSU) markets from inception to commercial operation, services include construction and equity financing, to engineering, procurement and construction (EPC) and the operations and maintenance (O&M) of the systems. For additional information, please visit www.Coronalmanagement.com.
About ImMODO Energy Services Corporation
ImMODO Energy Services Corporation is a U.S. subsidiary of ImMODO Solar S.A., a leading developer of solar projects and one of the ten largest producers of photovoltaic energy in Spain. Since 2005, ImMODO has installed 100 MW of solar capacity globally and currently assures the performance of 146 GWh annually through 110 MW of O&M contracts. In California ImMODO develops distributed utility scale-projects and currently has 38 MW under construction with long-term O&M Agreements.
1 Based on an average annual U.S. household usage of about 10,000 kilowatt-hours (kWh). One-megawatt of electricity is enough to power 800 to 1,000 households.