BP Solar and SunEdison Launch $60 Million Solar Fund

June 14, 2005 by Jeff Shepard

SunEdison LLC (Baltimore, MD) launched "SunE Solar Fund I," a $60 million fund to support the installation of up to 25 solar electric systems in the United States. The systems will be supplied by BP Solar as part of the BP Solar Energy Solutions™ offer and will be installed at facilities owned or leased by national retailers and state entities. BP Solar Energy Solutions includes the solar system hardware and support products that ensure the systems are easily operated and monitored.

The first three projects utilizing the fund will be installed this summer on three Staples facilities in Rialto and Ontario, CA, and Englewood, NJ. At a total of 680 kW, the three systems will collectively generate about enough electricity to power 135 homes per year. The fund will pay for the upfront capital costs of installing and operating the solar systems for companies and municipalities that qualify for the fund. Such entities pay only a fixed, often below-market, rate for the electricity generated from the solar system for a 10- to 20-year term.

SunEdison Founder Jigar Shah stated, "Our pioneering fund helps qualifying companies reap the benefits of solar electricity with no upfront cost and without affecting their balance sheet."