Photon Finance LLC One of Three Developers to Win $500 Million Naval Solar Power Contract

LOS ALTOS, Calif., Sept. 7, 2011 /PRNewswire/ -- Photon Finance LLC has been selected as one of three companies to develop distributed solar power systems on more than 11 naval facilities in Hawaii. The $500 million multiple award contract was competitively procured; 13 bids were received in response to a Naval Facilities Engineering Command Pacific request for proposal. Projects are expected to be issued within the next 12 months and completed by August 2016.

Under the award contract, Photon Finance will compete with Island Pacific Energy LLC and Pacific Energy Solutions LLC for task orders to design, construct, own, operate and maintain solar power systems on Navy rooftops, parking structures and vacant parcels of land. The Navy will purchase the solar generated electricity under 20-year power agreements. These projects are part of the Navy's goal to achieve 50 percent total energy consumption from alternative sources by 2020.

"Photon is pleased to have been recognized by the Navy as having the proven expertise to develop third-party financed solar projects," said Reid Rutherford, chief executive officer for Photon Finance. "Solar is becoming more competitive yearly. Our innovative solar finance structures offer the Navy an excellent way to save money while reducing reliance on international energy sources."

Facilities that will receive solar arrays include: Joint Base Pearl Harbor-Hickam, Marine Corps Base Hawaii, Schofield Barracks and Wheeler Army Airfield.

Photon Finance, a member of the Solar Electric Power Association, has partnered with best-in-class construction firms, equipment manufacturers and proven funding sources since 2006 to develop large-scale, efficient and reliable distributed solar power installations. Recent projects include a 5,000 panel installation for the Diocese of San Jose, an 8,952 panel installation for the Jefferson Union High School District and a 1.16 megawatt installation for Siemens Mobility.  In addition, Photon has recently arranged for solar installations for the Victor Valley Union High School District and the Castro Valley Unified School District.

About Photon Finance LLC

Photon Finance is a turn-key developer, integrator and financier of distributed solar electric generation systems for large-scale energy users. Photon's power purchase agreements allow customers to purchase clean, renewable solar energy from an installation they design, finance, install, operate and maintain on the customer's facilities with no upfront costs. For more information, visit www.photonenergyservices.com.

Media Contact: Arron Neal
213-568-3334, [email protected]

SOURCE Photon Finance LLC