Solar Power Partners introduces SPP LLC2 a Hawaiian Solar Energy Fund
San Francisco, Calif. /January 17, 2007
Source: SPP press release
http://www.solarpowerpartners.com/press_release_hawaii.html
Solar Power Partners, Inc. (SPP), a developer, owner and manager (DOM) of a distributed network of commercial solar energy facilities (SEF), today formally initiated its Power Purchase Agreement (PPA) program for commercial buildings in Hawaii. This announcement coincides with the establishment of SPP LLC2, a renewable energy fund for investing in Hawaiian commercial solar energy facilities. Up-front capital costs for commercial solar energy facilities have been the primary barrier for building owners to purchase or even lease solar energy systems. SPP’s Power Purchase Agreement allows building owners to access solar energy without having to invest their own capital. The maintenance and operating costs are covered while building owners pay only for the electricity that is consumed. Moreover, the PPA ensures energy rates remain lower than the local utility and insulate the user from volatile energy prices over the term of the agreement. Since 1999 typical commercial Hawaiian energy rates have increased over 60%.
“The PPA model is the most effective energy financing method and now SPP is working in partnership with small and independent commercial businesses in Hawaii making solar most affordable”, said Craig M. Hunt, Co-founder and CEO of SPP. “Our competitive advantages and strong value proposition to all stakeholders ensures business stability and staying power”.
SPP provides an innovative turn-key performance based service (PBS) that bundles the development of SEF, financing by PPA and on-going operations tailored to meet building owner’s specific needs. “Hawaii’s current energy sources are close to grid parity and new green solar energy resources have fundamental benefits”, said Alexander v. Welczeck, Co-founder and COO. “Same as the building owner and local government, SPP’s foremost interest is developing the best quality solar energy facility that provides the highest productivity KW/H with the longest life”.
In partnership, SPP works with the leading Hawaiian solar and building industry specialists to develop and operate commercial photovoltaic (PV) solar energy facilities. SPP is the general partner and manages the new SPP LLC2 Fund for Hawaiian Commercial Solar Energy.