San Francisco, CA, Mar. 1, 2006 — Renewable Ventures LLC announced that in partnership with its institutional investors, it is ready to fund $100 million of solar energy and other renewable energy projects nationwide.
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.
Renewable Ventures’ third-party finance model presents a 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 industry knowledge, Renewable Ventures hopes to 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 solutions tailored to individual projects.