Astrum Solar, a U.S. installer of residential solar PV systems, received a $100 million funding boost today after signing a partnership agreement with U.S. private equity infrastructure firm, Hudson Clean Energy.
The $100 million agreement will provide Astrum with the means to ramp up its plans to add thousands of solar arrays to residential rooftops throughout the U.S. Meanwhile, the partnership further augments Hudson Clean Energys renewable investment portfolio, which already exceeds $1 billion in size. Last year, the company launched its solar infrastructure fund, with this deal with Astrum Solar one of the largest collaborations to date.
"Though the cost of residential PV systems has declined, for some homeowners the upfront cost remains greater than what they can afford out of pocket," remarked Hudson VP Wilson Chang. "There remains a very real need for creative and attractive financing solutions in this space that Hudson has identified and is working in partnership with Astrum to fulfill."
Hudson’s understanding of solar finance is what attracted Astrum to the deal, added Astrum Solar co-founder and executive VP Josh Goldberg. Astrums software-enabled management systems have helped the company grow its market share, and Hudson founder and managing partner Neil Auerbach believes that the partnership offers huge potential to really expand the sector.
"This agreement is just the beginning," Auerbach said. "Hudson believes very strongly in the residential solar markets potential and is committed to making an impact in this space.
"Residential solar in the U.S. is already cost-competitive with utility prices in several key markets, and with the cost per kW of residential solar systems continuing to decline, we will monitor new opportunities to productively deploy capital on behalf of our investors."