A multi-year partnership was established to capitalize on SET-Solar's strategic alliance with numerous factory and financing partners and will enable Greenpower to build cost-effective solar solutions for commercial projects. Greenpower will procure two megawatts for its project in Hilo, Hawaii.
Installers and integrators are purchasing solar panels in record numbers to take advantage of the attractive government rebate and feed-in-tariff (aka FIT) programs in the US/Canada. SET-Solar offers innovative financing options, including the use of government incentives as collateralized security to finance the operations. High FIT greatly enhances and attracts financers and investors to the new business opportunities.
"SET-Solar's collaboration with Greenpower is one of our typical strategic partnerships that we build," stated Roland Chu, SET-Solar CEO. "By providing financing options which decrease capital burden, we're seeing a dramatic increase in long-term sales contracts. The end user benefits by having a cost-effective renewable energy source that is also good for the planet. It's a win-win for everyone involved."
"Partnering with SET-Solar is extremely beneficial to the growth of Greenpower in the Hilo market," said Raj Budhabhatti, Greenpower president. "The technical leadership from SET-Solar Corp. enables us to quickly move forward. SET-Solar's creative business model instills great confidence in all of us. This allows our customers to realize the benefits of solar power as their primary energy source."
Greenpower's projects include a combination of educational, non-profit and commercial facilities throughout Hawaii. This project is developed by MayDow Electric Company, Inc. and will be owned by QingDao ShuangXi USA, Inc., both of Hawaii.
