LOS ANGELES, Oct. 12 /PRNewswire/ -- Distributed Sun LLC (D-SUN), a DC-based solar project developer and operator, announced today at Solar Power International a 20 megawatt agreement to deliver commercial solar power services at sites throughout the Mid-Atlantic. The new capacity – representing approximately $80 million of site construction in 2011 – will be financed by Distributed Sun's Solar Energy Investment Company (SEIC), sunTWO. Combining clean, on-site power with significant green power savings, the solar facilities will generate over 23 gigawatt hours in their first year of operations, and more than 900 gigawatt hours over their lifetimes.
"Distributed Sun is one of the fastest moving and most innovative solar developers in the country," says Jigar Shah, founder of SunEdison and CEO of Carbon War Room. "They are at the top of my short list of those who are defining the next generation of development, are unsurpassed in their analytics-savvy, and have figured out how to scale distributed generation for high returns with low risks."
D-SUN's solar services are widely considered to be much better for the environment than conventional energy. The newly announced clean energy facilities – to be developed in partnership with an undisclosed real-estate portfolio – are estimated to offset more than 1.4 billion pounds of CO2, or the equivalent of planting nearly 450,000 trees. Solar power from D-SUN also costs less per kilowatt hour generated than the conventional electricity from the grid, and under contract terms that guarantee savings will grow each year, compounding for 20 years.
"We are excited about expanding our service coverage and the strong, upward growth of our solar pipeline, contracted power, and commissioned capacity," says Chase Weir, CEO of D-SUN. Adding, "Distributed Sun intends to overachieve with sunTWO on and ahead of the pace demonstrated with sunONE."
Leading the next-generation of solar business models and risk management practices, D-SUN installs significantly more solar capacity per dollar invested than the national average, while offering one of the most competitive solar power discounts available. That means D-SUN's model is better for ratepayers, taxpayers, and the environment – and for investors, who achieve better returns than the industry norm. Its first SEIC, sunONE, is fully committed and currently serving power to Mid-Atlantic sites. Its second SEIC, sunTWO, will expand services to Central and Northeastern states, and deploys 50 megawatts of solar to commercial and industrial buildings of all types with rooftop, carport and groundmount installations beginning this Fall, 2010. sunTWO will serve 25-100% of its partners' building power needs, and save them millions of dollars in electricity rate payments. sunTWO anticipates the creation of several hundred new jobs over the next 18-24 months.
PR CONTACT - For more information, please contact Nick Culver at 202-550-4047, or [nick][at]distributedsun.com.
SOURCE Distributed Sun LLC