ABU DHABI, United Arab Emirates, Jan. 22, 2015 /PRNewswire/ -- At the World Future Energy Summit in Abu Dhabi, Building Energy announced it has adopted the beEdison software and services platform powered by truSolar®. A significant portion of Building Energy investment in US commercial solar projects will be screened by beEdison.
"We are excited to partner with beEdison, and pleased to announce we have already made investments of $8 million, and another $20 million in commitments via the platform," said Andrea Braccialarghe, managing director of Building Energy US. "beEdison has designed an efficient and effective tool that helps us deploy more capital into reliable solar assets – not only in the US, but with promise for improvements to investments and operations around the globe."
Building Energy is a global IPP (independent power producer) with operating and development assets worldwide. Based in Milan – Italy, the company has offices and assets in Europe, Africa, the Middle East, Japan, the United States, and Central America.
beEdison is the first cloud-based software engine powered by truSolar®. truSolar® is an open-source risk screen developed by the solar industry to drive down financing costs for commercial solar installations. truSolar® evaluates more than 800 factors impacting a project's performance and establishes a uniform model to assess non-residential solar projects while helping to unlock a potential trillion-dollar commercial solar market. The truSolar® standard is in the process of being transferred to a non-profit accreditation body, which will make it available for use by the entire industry.
"We are honored to welcome Building Energy as a key partner on the beEdison platform," said Chase Weir, CEO of Distributed Sun, which is beEdison's parent company and a founding member of the truSolar® working group. "Two years ago, we committed to introducing a developer-friendly, investor-preferred solution to help our partners get more deals approved, and now we have done it. In the SaaS (software-as-a-service) industry, what we're doing is often called 'free disruption.' We prefer to call it game-changing."
beEdison uses the truSolar® uniform risk-screening standard to simplify what is widely recognized as a complex process, similar to how TurboTax® works for the tax code. Linking a logic-based survey and recommendation engines to risk scores, readiness ratings, document libraries, financial information, a deal room and powerful reporting tools, the platform simplifies the process of screening and investing in commercial solar projects. Informed by the performance of more than 1,000 non-residential and small-utility solar projects valued at more than $10 billion, beEdison offers the first workflow and diligence platform for buyers and sellers of commercial solar assets. In the rush to complete projects by 2016, beEdison will be an indispensable workflow and diligence tool to efficiently sort through an exploding project pipeline, complete development and secure financing swiftly, while preparing portfolios for the secondary markets.
Building Energy joins Altus Power in using the beEdison platform. Additional partners will be announced in the coming weeks. beEdison aims to screen more than 3,000 financed projects by the end of 2016, which would make it the single largest commercial project platform in the marketplace.
ABOUT Building Energy
Building Energy is an independent producer of energy from renewable sources with a large portfolio of renewable plants in operation, construction and development, with a total pipeline in excess of 2000MW in Europe, Africa, Central and North America. In South Africa, Building Energy won the contract for the biggest photovoltaic project on the African continent - 81 MW in Kathu - in the first round of the REIPP, the South African government's incentive program for the production of renewable energy. The power station has been operating since August 2014. For more information, visit www.buildingenergy.it.
beEdison introduces the solar industry's first automated, commercial platform that standardizes and professionalizes the diligence process for non-residential solar. beEdison is a sophisticated cloud-based software platform designed to eliminate the inefficiencies in today's marketplace, standardize the diligence process, and uniformly assess risk. beEdison helps solar industry buyers (investors & lenders) and sellers (developers & originators) through an automated Software-as-a-Service (SaaS) and Diligence-as-a-Service (DaaS) platform. beEdison is a portfolio company of Distributed Sun. To submit projects to the beEdison platform email [email protected]
The truSolar® Working Group is a consortium of leading solar market participants which exists to establish uniform risk screening standards for commercial and industrial PV projects and, in turn, drive down costs and scale up non-residential solar installations. The truSolar® risk screen provides a comprehensive assessment of risks – including system, counterparties, credit, regulatory and performance, and is offered as an accessible and industry-established standard for adoption by stakeholders at all stages of the project lifecycle and industry value chain. To learn more, visit www.trusolarscore.com.