It’s easy to get lost in the solar development bubble that is California so it’s always good to be reminded that there are huge markets outside the Golden State. Mill Valley, Calif-based Solar Power Partners, a commercial solar developer, owner and manager, plans to expand nationally using $100 million in equity and debt financing and another $60 million in committed project financing, the company announced Monday.
Founded in 2006, the company has moved quickly; CEO and President Alexander von Welczeck tells us the company has already completed 19 projects. SPP currently has another 22 projects in development that it plans to complete by the end of November, by which time the company expects to have nearly 15 megawatts of installed capacity operating in California, Hawaii, New Jersey and Connecticut. While SPP will be looking to expand nationally, von Welczeck says the Northeast is an area that holds particular promise for SPP. Check out the company’s own solar map to see the layout of it’s projects. (We do love a good solar map!)
MMA Renewables, Tioga Energy and Recurrent Energy are all similar businesses, in that they all sign power purchase agreements with commercial customers. SPP develops solar projects, secures financing and subcontracts system installation to one of its 14 regional system integrators. SPP operates solely through power purchase agreements, signing customers to a 15+ year contract under which SPP sells power to the customer and retains ownership of and maintenance responsibilities for the solar system, a model that has quickly become the industry standard. SPP offers online monitoring through its partner Energy Recommerce.
This latest financing comes from a long list of investors and lenders including United Commercial Bank, Globespan Capital Partners, The Enlightened World Foundation, Carrelton Asset Management, Dry Creek Ventures, Silicon Valley Technology Group, and Energy Investors Funds. This financing is in addition to a Series A round of $6 million in venture funding the startup raised a year ago from Globespan Capital Partners.