New numbers just released by Sol Systems reveal the company has added 153MW of commercial and small utility solar projects since the start of the year when it announced plans to finance 150MW in 2015. Having surpassed its minimum 2015 target, the firm is on track to exceed its goal by more than 50%, bringing it over 400MW by December 31.
Analysis based on research from Bloomberg New Energy Finance and GTM Research projects the commercial and small utility segment will grow to $4.9 billion in 2015 and $5.7 billion in 2016. While analysts continue to identify complex credit and a lack of standardization and inefficiency in financing as barriers to success, Sol Systems has focused extensively on the market segment as one of the last frontiers in the industry, and one ripe for innovation.
"Commercial and small utility solar is complex, and this complexity offers opportunity for firms that can execute appropriately," commented Yuri Horwitz, CEO of Sol Systems. "We believe that solving the challenges of this asset class requires a team of exceptional professionals with a relentless focus on efficiency and a profound commitment to partnerships across the country."
This week, solar veteran Saritha Peruri joined Sol Systems as Director of Business Development in the Western Region to lead project origination efforts in Southern California for the growing unmet demand among developers seeking capital for commercial and small utility scale projects.
"Saritha brings exceptional acumen in mitigating commercial-scale risk sensitivities and barriers to financing," said Colin Murchie, Senior Director, Project Finance at Sol Systems. "In a region with no shortage of challenges for commercial and small utility-scale distributed generation solar projects, Saritha is just the professional to move deals along successfully."
Listed among the Inc. 5000's fastest growing private companies for three consecutive years, the firm has grown its team over 40% since January. Ms. Peruri joins a large number of new hires the company has made as the team continues its aggressive expansion into the commercial and small utility segment of solar.
Prior to joining Sol Systems, Ms. Peruri spent several years developing and financing commercial solar energy systems, including the first installation at the Port of Los Angeles for two LA-based solar companies. She brings over a decade of experience in the energy and finance sectors, initially with Credit Suisse First Boston's Global Energy Group in New York and Bain & Company in Chicago.
Ms. Peruri holds an MBA from The Wharton School at the University of Pennsylvania and a Bachelor of Arts in Economics and International Relations from Brown University.
