As the U.S. residential solar market continues to grow and mature, utilities are moving into providing solar options to their existing customers. The latest deal will see gas and electricity utility Just Energy to provide North American customers with a range of rooftop solar financing packages.
CPF will facilitate the solar financing and installations through its CPF Tolls software platform. Just Energy will act as originator of the financial instruments. The Canada-based utility will be looking to sell complementary energy management solutions to its customers on the back of the CPF deal.
We believe we have secured an ideal solar partner that allows us to enter the solar market with a strategic approach that complements our existing core competencies and maintains our commitment to growing in a less capital intensive manner, said Co-CEO James Lewis in announcing the deal. Our customers will be able to access not only our current energy solutions, but also a long-term, environmentally sustainable solar solution.
Lewis added that the expansion into solar, was clearly the next step in maximizing the value proposition Just Energy brings to our growing customer base.
Just Energy will retain the right to participate, in a minority equity stake, in the 20-year solar leases provided to its customers in partnership with CPF under the deal.
Just Energy Group Inc. is the parent company of Amigo Energy, Commerce Energy, Green Star Energy, Hudson Energy, Just Energy, and Tara Energy. It will roll out its solar scheme this year, beginning in New York and California before moving onto other key target markets across North America.
CPF has raised more than US$1 billion in finance for solar projects since being founded in 2006. The volume of deals under the Just Energy agreement has not been revealed.