Coronal Group Acquires 35 MW Avalon Solar Project Near Tucson, Ariz.
Avalon will generate clean energy for thousands of homes on the Tucson Electric Power grid; it is one of a rapidly growing number of utility-scale projects under ownership and management by the Coronal-Panasonic team throughout North America.
GLENDALE, Calif., Jan. 8, 2015 /PRNewswire/ --Coronal Group LLC (Coronal) announced that it has acquired a 35-megawatt solar farm located near Tucson, Ariz. The 225-acre Avalon Solar Project generates enough emission-free solar energy to power 5,620 homes through Tucson Electric Power. Panasonic Eco Solutions (Panasonic), a unit of Panasonic Corporation of North America, is overseeing the operations and management of the project. Coronal is the owner and manager of the asset.
"Avalon marks a new milestone for us as it is the first solar project fully owned, operated and managed by the Coronal-Panasonic platform, a model we expect to expand in the coming year," said Jonathan Jaffrey, Coronal's CEO and managing director. "Equally important, this project underscores the strength of the Coronal-Panasonic platform and leadership role we are taking in the utility scale market throughout North America."
The Coronal-Panasonic team brings its expertise in solar engineering, finance, operations and management to corporate end-users, institutions, public sector organizations and utilities. The one-stop-shop model provides a streamlined, end-to-end renewable energy solution that is an efficient and reliable platform to lower energy costs.
"The Avalon project is an excellent complement to our existing portfolio," said Jamie Evans, managing director and head of U.S. Eco Solutions at Panasonic. "Panasonic is one of North America's largest participants in the solar sector, and our mix of projects across North America shows the promise of the solar industry, and the success of the Coronal-Panasonic platform."
The Avalon Solar Project, which includes 114,720 solar panels, was developed by Clenera Renewable Energy (Clenera). It was built by general contractor Swinerton Renewable Energy under the direction of Clenera Renewable Energy and Panasonic including the design, engineering and construction of the project. Sumitomo Mitsui Banking Corporation was the financing provider for the project sale to Coronal.
The Avalon Solar Project started producing solar power in December 2014. It is expected to save 57,660 tons of carbon dioxide from being released into the environment, the equivalent of taking 12,140 cars off the road annually.
For additional information, please visit www.CoronalGroup.com.
About Coronal Group LLC
Coronal Group is an alternative energy firm that finances and operates solar PV projects for institutions, municipalities, corporations and non-profit organizations throughout the U.S., Canada, and Latin America. 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 have established a strategic partnership to deliver a comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects in the commercial, industrial, municipal and utility markets from inception through commercial operation, services include construction and equity financing, engineering, procurement and construction and the operations and maintenance of the systems. For additional information, please visit www.CoronalGroup.com.
About Panasonic Enterprise Solutions Company
Panasonic Enterprise Solutions Company, a division of Panasonic Corporation of North America, develops, installs and maintains large-scale Eco Solutions and Audio-Visual Solutions for business and municipal customers. Serving customers across a wide range of industries, Panasonic Enterprise Solutions engineers custom-built applications using the latest technology, experience in end-to-end management of complex corporate projects and unparalleled onsite support services. Its Eco Solutions unit offers expertise in end-to-end solar energy projects while also delivering technological and financial solutions to the rapidly expanding commercial and industrial renewable energy markets. An industry leader in Audio-Visual Solutions, the company has installed some of the largest high-definition LED video boards in the world at many well-known sports and entertainment venues in the U.S. In Interbrand's 2014 annual "Best Global Green Brands" report, Panasonic ranked number five overall and the top electronics brand in the report. Learn more: panasonic.com/pressroom
SOURCE Coronal Group LLC
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