Panasonic Eco Solutions North America and Coronal Group have teamed up with Global Investment Renewable (GIR) to create Coronal Municipal Energy Services (CMES), a joint venture to market solar energy to U.S. municipalities.
The CMES business model is to develop a portfolio of solar energy generating capacity and sell the electricity and its associated renewable attributes at prices that are competitive with traditional power alternatives. CMES expects to bring the portfolio to fruition over the next 24 months.
‘We have a model where projects are not limited by geography,’ says Ed Feo, chief operating of officer Coronal. ‘We are excited about this joint venture and believe it has enormous potential to change the way public entities think about renewable energy.’
The partnership says GIR has developed more than 600 MW of solar projects and has a 2 GW pipeline of U.S. public power projects.
‘The municipal electricity market will reach approximately $100 billion in sales this year,’ says Vaughn Millette, GIR's executive director. ‘We have worked tirelessly to fine-tune our model to the point where we can provide renewable energy at competitive prices to traditional energy.’