WASHINGTON, Jan. 3, 2017 /PRNewswire-USNewswire/ -- The Solar Energy Industries Association (SEIA) and the Solar Energy Finance Association (SEFA) are joining forces and forming a new entity under SEIA to support wide-scale, low-cost solar deployment through better access to investment capital. Under SEIA, the two entities will better serve their membership and act as a single voice and organizing force for current and potential solar developers, investors and lenders.
The associations will create the Solar Energy Finance Advisory Council (SEFAC), which will be used to leverage the expert insight of its participating members to expand and lower the cost of investment capital to meet the growing needs of the solar industry.
Specific actions are to include:
- Expand the supply of tax equity from banks, corporations and other potential investors, which is a critical source of capital for solar project deployment.
- Open capital market opportunities through asset-backed securitizations, which are long term debt and equity investments that provide solar developers a powerful way to raise low-cost capital.
- Reduce tension points in debt and tax equity which can often complicate solar project finance.
- Communicate the technical and financial performance of solar projects to improve understanding and confidence among investors.
"We are excited to combine with SEFA for the good of the solar industry," said Tom Kimbis, interim president of SEIA. "Solar projects represent a high-quality source of long-term cash flows, making them great investment opportunities. Through this finance advisory council, we aim to lower the cost of capital and make solar even more cost-effective for residential, business and utility customers."
"This is an important strategic move for us," said Mary Rottman, president of SEFA. "Backed by the staff and resources from SEIA, we are very optimistic that we will achieve our mission of reducing the cost of capital and furthering growth in the solar industry."
To participate in the Finance Advisory Council, please contact Mike Mendelsohn, SEIA's Sr. Director of Project Finance & Capital Markets.
Celebrating its 43rd anniversary in 2017, the Solar Energy Industries Association® is the national trade association of the U.S. solar energy industry. Through advocacy and education, SEIA® is building a strong solar industry to power America. As the voice of the industry, SEIA works with its 1,000 member companies to champion the use of clean, affordable solar in America by expanding markets, removing market barriers, strengthening the industry and educating the public on the benefits of solar energy. Visit SEIA online at www.seia.org.
The Solar Energy Finance Association (SEFA) was a leadership forum for solar energy capital markets solutions and the focal point for the industry common purpose and national outreach for the benefits of solar adoption in the United States. SEFA was founded with the purpose of expanding availability of capital for distributed solar energy by promoting industry best practices; standardizing financing documents; and informing investors, consumers and other key stakeholders about distributed solar. As of January 3, 2017, SEFA will continue its mission as part of the Solar Energy Industries Association (SEIA) under a new working group, the Solar Energy Finance Advisory Council (SEFAC). For further information, please visit SEFA-finance.org.
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SOURCE Solar Energy Industries Association