Two years ago Claremont Creek Ventures determined that the best opportunity to invest in solar would be in downstream distributed generation and that the right business model could create tremendous value for investors, for consumers, and for the U.S. at large. We then found that model with Clean Power Finance. That is why we are proud of Google's announcement yesterday about their new partnership with Clean Power Finance along with an initial $75 million fund to invest in distributed solar generation. This represents a strong signal of validation in our thesis and validation that Clean Power Finance is well poised to lead this category. Kudos to the team at Clean Power Finance. Well done.
September 27, 2011 source: Clean Power Finance
Google and Clean Power Finance Partner to Create $75 Million Fund for Residential Solar Projects
Posted 9.27.11 by Clean Power Finance
San Francisco—September 27, 2011—Clean Power Finance, the leading provider of integrated services and financing solutions for the solar industry, and Google (NASDAQ: GOOG) today announced the creation of a new $75 million fund to finance residential solar projects. This initial investment in Clean Power Finance's white label financing solution represents the second fund available to its network of qualified installers who brand and market it to homeowners. Google has now invested more than $850 million in the renewable energy sector.
“Clean Power Finance has built an innovative platform that connects solar manufacturers, investors like us, and solar installers who offer our financing directly to homeowners. It's a powerful combination that will reduce costs and facilitate the expansion of distributed solar in the U.S.,” said Rick Needham, Director of green Business Operations at Google. “We're proud to be among the first investors to partner with Clean Power Finance, and enable the company to continue forging strong relationships with the best brands in solar.”
SunLogic, California Solar Systems and American Vision Solar are among the many solar installers currently branding and offering homeowners Clean Power Finance's financing solution. Read more here. The Clean Power Finance-Google fund will enable up to 3,000 homeowners to go solar in a number of key markets.
Residential solar financing is among the fastest growing categories in the solar industry. Solar power purchase agreements (PPAs) and leases are the driving force behind solar adoption among homeowners, creating an easy and low cost way to go solar. In the first quarter of 2011, PPAs/leases accounted for more than a third of all residential solar sales in California and Colorado, according to Solar Energy Industries Association (SEIA).
“I've been fortunate enough to be a part of residential solar financing since its inception. Google's investment in one of Clean Power Finance's funds further validates the rapidly growing residential solar financing category and our unique market approach. Our open, online platform makes it simple for qualified solar installers to offer the best available consumer financing from leading investors like Google,” said Nat Kreamer, Clean Power Finance Chief Executive Officer and board member.
Forty percent of residential solar systems sold in the U.S. last year were facilitated by Clean Power Finance's platform. CPF Tools was the first SaaS, professional-grade solar quoting and proposal application on the market, and today represents the most comprehensive platform connecting solar system installation, design, sales and financing. Sign up for a free trial of CPF Tools and learn more about financing here.
Additional perspective on the Clean Power Finance partnership is available on the Google Blog: http://googlegreenblog.blogspot.com/.