NEWARK, Calif., June 7, 2011 /PRNewswire/ -- Belectric, Inc. and Smart Energy Capital, LLC announced today that they have created a joint venture to develop and finance utility-grade photovoltaic (PV) power plants. This joint venture comes on the heels of the parties' successful collaboration on the recently announced sale of Belectric's 30MW project to Constellation Energy in the Sacramento Municipal Utility District's (SMUD) feed-in tariff program, which was structured and arranged by Smart Energy.
"This joint venture with Smart Energy Capital combines the leading systems integrator with the leading finance and development company, allowing us to aggressively reduce project development and finance costs," said David Taggart, president and COO of Belectric, Inc. "This will enable the development of more projects at a faster rate and offer a path forward to true price parity with fossil fuel power plants. Belectric has become the #1 PV systems integrator worldwide by delivering low cost and superior quality in the design, installation and operation of solar power plants. In the past two years, we have seen significant reduction in the costs of PV modules. Belectric has built our business upon cost reduction of the rest of the system ('balance of system' or 'BOS') through integrated system design, tailored component design and production, and efficient installation processes. By teaming up with Smart Energy Capital, we combine the most efficient design and construction in the industry with the most efficient capital in the industry."
"Smart Energy's mission is to rapidly expand the market for solar by creating and delivering the most efficient capital solutions," stated Rob Krugel, managing partner of Smart Energy Capital. "We examine every aspect of financing for ways to reduce transaction costs, optimize capital structure, attract leading investors and deliver attractive risk-adjusted returns. The fundamental economic drivers of solar energy are the cost of development, the cost of construction and the cost of capital, and this joint venture combines two companies with a clear track record in optimizing these drivers. As a result, we are able to offer our utility customers a complete solution of development, engineering, construction, finance and operations on optimal terms."
The joint venture will primarily focus on multi-MW utility-grade PV power plants in the United States, and will develop projects on a greenfield basis as well as through project acquisitions from qualified developers.
About Belectric, Inc.
Belectric, Inc. (www.belectric-usa.com), based in Newark, California, is the North American arm of the global Belectric organization, ranked the largest systems integrator worldwide by IMS Research, with 330MW of utility-grade PV power plants installed in 2010. Belectric, Inc. is setting new standards for the way photovoltaic power plants are developed, designed, installed, operated, and maintained, having installed the first UL-compliant high voltage PV plant in the USA in 2010. With a singular focus on utility-grade, grid-connected PV power plants, Belectric takes a comprehensive approach to systems integration, cost effective design and installation, and building mutually beneficial relationships with its partners. Belectric is committed to delivering turn-key solar power plants that provide the long term performance and reliability required by its customers, at prices competitive with fossil fuel power: A Better Electric.
About Smart Energy Capital, LLC
Smart Energy Capital, LLC (www.smartenergycapital.com)is a leader in the financing and development of solar energy projects. The principals of Smart Energy have a deep background and successful track record in structuring and arranging innovative financing solutions and developing renewable energy projects. They have managed a portfolio of over 300 megawatts of solar projects and raised in excess of $200 billion of innovative financings. The Company maintains extensive relationships with a wide range of power project lenders and investors. The Company is headquartered in White Plains, New York.
SOURCE Belectric, Inc.