Recurrent Energy close Solar Project Fund with Morgan Stanley
Recurrent Energy, a solar services company, has announced the close of a $200 million staged solar project fund with Morgan Stanley. The fund represents a commitment by Morgan Stanley to provide financing for $100mm of Recurrent Energy’s solar electric power projects in 2008 and an additional $100mm in 2009.
Recurrent Energy sells solar electricity from its projects to institutional property owners (REITs and pension funds) and their tenants via a power purchase agreement at grid-competitive rates. Called Solar as a ServiceSM, Recurrent Energy’s offering enables its customers to cost-effectively reduce their use of fossil-generated electricity across large property portfolios.
“Morgan Stanley is a leader in the industry and their commitment to financing renewable energy has been clear from the start,” said Arno Harris, chief executive officer of Recurrent Energy. “We look forward to putting this new fund to work quickly to help our clients transform empty rooftops into value-generating, sustainable assets.”
“Morgan Stanley is excited to work with Recurrent Energy to finance its solar power solution for institutional property owners. Recurrent Energy’s unique approach to the rooftop solar market, in conjunction with the federal and state incentives, creates an innovative and economic solar solution for the marketplace,” said Edward Levin, a Vice President of Morgan Stanley.
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Related categories: Environmental technology Companies Solar power and photovoltaics
