$100 Million Fund Established for Solar Electric Power Plants

March 01, 2006 by Jeff Shepard

Renewable Ventures LLC, in partnership with its institutional investors, has established a $100 million fund for solar energy and other renewable energy projects nationwide. A specialist in the financing and management of renewable energy projects, Renewable Ventures works with project developers, installation companies and energy customers to commission onsite power plants that deliver predictably priced, clean energy without burdening the customer with purchase costs and ongoing system maintenance responsibilities. This first round of institutional funding will be used to finance Renewable Ventures' growing pipeline of investment-grade solar photovoltaic projects.

"Although solar energy is soaring in popularity, the upfront cost of installing a system is still a major obstacle for potential customers. Our financing solutions remove that economic barrier of entry, giving electricity consumers easy access to stable power rates and helping solar developers make the sale," said Matt Cheney, CEO of Renewable Ventures. "Just like car leases and home loans make those products accessible to consumers, the advent of third-party financing in this sector moves clean energy into the mainstream."

Renewable Ventures' third-party finance model presents an ideal solar energy solution for organizations with large facilities and substantial electricity needs including, schools, factories, business parks, office buildings, wineries, bottlers, chilled warehouses, airports, and municipal sites. Under the third-party finance model, Renewable Ventures owns, operates, and maintains each generation facility and sells the power to the site host under the terms of a power purchase agreement (PPA). Leveraging economic incentives and deep industry knowledge, Renewable Ventures can optimize renewable energy projects to deliver power at rates that are often at or below current brown power utility rates.

Renewable Ventures draws capital for its financing solutions from numerous institutional investment partners enabling it to deliver lowest cost solutions tailored to individual projects. Committed to ensuring reliable investment opportunities, Renewable Ventures carefully selects its projects based on a thorough evaluation of the customers, the developers, the equipment and other key success factors.