ME NewsWire/Business Wire
NEWARK, N.J. - Thursday, October 2nd 2014
Panasonic Enterprise Solutions Company (Panasonic) and Coronal Group LLC (Coronal) announce the completion of nine solar projects in Tulare and Kings Counties in Central California. The projects provide 16.2 MW of energy to Southern California Edison’s grid to power approximately 14,500 homes annually.
“Significant solar projects are beneficial to the economy and how we produce and consume energy, but their financial and structural complexities are a big challenge for companies interested in adopting clean, sustainable energy,” said Panasonic Eco Solutions Managing Director Jamie Evans. “The Panasonic-Coronal platform is a proven integrated business model that removes those obstacles, and helps to deliver affordable, reliable, clean energy.”
Panasonic and Coronal acquired the California Renewable Energy Small Tariff projects from Macquarie Capital in 2013. A $50 million funding commitment by Ullico Inc., a labor-union owned insurance and investment company, also contributed to the acquisition and completion of the projects. The projects were built by Panasonic and ImMODO Energy Services Corporation.
“The completion of these nine projects, the first commercial projects to be finished under the Panasonic-Coronal platform, marks an important milestone and there are more in the pipeline,” said Jonathan Jaffrey, CEO of Coronal. “Our total joint project development with Panasonic, now more than 100 MWs, is an indicator of both the success of our platform and the rising interest in solar projects.”
Coronal’s exclusive relationship with Panasonic allows it the flexibility to acquire operating solar assets or partner with developers and engineering, procurement and construction providers in North America.
“We are delighted with the successful completion of these Central California projects and look forward to others as our relationship with Panasonic and Coronal continues to develop. The Panasonic-Coronal team’s ability to close this transaction quickly and without financial contingencies sets their platform apart,” said Don Watson, President of ImMODO Energy Services.
About Panasonic Enterprise Solutions Company http://www.panasonic.com/business/pesna/av-solutions/
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 projects and unparalleled onsite support services. Eco Solutions 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
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, Puerto Rico and South 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 relationship to deliver a comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects in the commercial, industrial, municipal and small utility markets from inception to commercial operation. Services include construction and equity financing, to engineering, procurement and construction (EPC) and the operations and maintenance (O&M) of the systems. For additional information, please visit www.CoronalGroup.com.
About ImMODO Energy Services Corporation
ImMODO Energy Services Corporation is a member of the ImMODO Group, a leading global developer of solar projects and one of the ten largest producers of photovoltaic energy in Spain. Since 2005, ImMODO has installed more than 125 MW of solar capacity globally and currently assures the performance of 185 GWh annually through 110 MW of O&M contracts. In California ImMODO develops distributed utility and commercial projects and has completed construction of 24 projects totaling 38 MW, each of them being managed by ImMODO under a long-term O&M Agreement. www.immodoenergy.com
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