Panasonic Enterprise Solutions Company (Panasonic) and Coronal Group LLC (Coronal) have completed nine solar projects in Tulare and Kings Counties in Central California.
With a combined capacity of 16.2 MW, the projects will provide power to some 14,500 homes on the Southern California Edison grid.
The nine installations mark the first commercial projects to be finished under Coronals exclusive partnership with Panasonic and the two companies have further projects in the pipeline, according to Coronal CEO Jonathan Jaffrey.
"Our total joint project development with Panasonic, now more than 100 MW, is an indicator of both the success of our platform and the rising interest in solar projects," Jaffrey added.
Coronals exclusive relationship with Panasonic allows it the flexibility to acquire operating solar assets or partner with developers and engineering, procurement and construction providers in North America, the companies said.
Panasonic and Coronal acquired the California Renewable Energy Small Tariff projects from Macquarie Capital in 2013. A $50 million funding commitment by Ullico Inc., a labor-union owned insurance and investment company, also contributed to the acquisition and completion of the projects. The installations were built by Panasonic and ImMODO Energy Services Corporation.
"Significant solar projects are beneficial to the economy and how we produce and consume energy, but their financial and structural complexities are a big challenge for companies interested in adopting clean, sustainable energy," said Panasonic Eco Solutions Managing Director Jamie Evans. "The Panasonic-Coronal platform is a proven integrated business model that removes those obstacles, and helps to deliver affordable, reliable, clean energy."
ImMODO President Don Watson hinted that the energy services company would work on new projects with Panasonic and Coronal in the future. The Panasonic-Coronal teams ability to close this transaction quickly and without financial contingencies sets their platform apart."
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