At the Intersolar North America conference, Recurrent Energy announced that it has partnered with private equity firm Hudson Clean Energy Partners and received an initial $75 million commitment from the firm. Recurrent Energy said that it will use the funds to expand its business in North America and emerging markets worldwide.
Recurrent Energy provides what it terms Solar as a Service. It develops, owns, and operates distributed solar power systems and sells energy to large scale energy users at grid-competitive rates via a Power Purchase Agreement (PPA). Earlier this year, the City and County of San Francisco announced plans for a 5 Megawatt system with Recurrent Energy – the largest municipal solar photovoltaic project in U.S. history.
"With today’s announcement, we’re combining the two key ingredients that are necessary to bring solar power to scale: access to capital and the expertise to put it to use," said Arno Harris, Chief Executive Officer, Recurrent Energy. "We’re excited to work with Hudson and its team of clean energy experts. It was clear from day one that we share a common vision of what it takes to be successful in the downstream solar market."
"The main factors in our decision to partner with Recurrent Energy were the quality of its management team and their vision for how to scale the business – both of which will enable the company to produce a major leap forward in the adoption of onsite solar electricity," said Neil Auerbach, Founder and Co-Managing Partner, Hudson. "We anticipate that this is just the beginning of an even larger financing relationship, and we are committed to providing Recurrent Energy with the resources it will need to be a powerhouse in solar energy."
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