Recurrent Energy, a solar services company, has closed a $200 million staged solar project fund with Morgan Stanley. The fund represents a commitment by Morgan Stanley to provide financing for $100 million of Recurrent Energy's solar electric power projects in 2008 and an additional $100 million in 2009.
‘We look forward to putting this new fund to work quickly to help our clients transform empty rooftops into value-generating, sustainable assets,’ comments Arno Harris, CEO of Recurrent Energy.
Recurrent Energy sells solar electricity from its projects to institutional property owners (real estate investment trusts and pension funds) and their tenants via power purchase agreements at grid-competitive rates. Called Solar as a Service, Recurrent Energy's offering enables its customers to cost-effectively reduce their use of fossil-generated electricity across large property portfolios.
‘Morgan Stanley is excited to work with Recurrent Energy to finance its solar power solution for institutional property owners,’ says Edward Levin, a vice president with Morgan Stanley. ‘Recurrent Energy's unique approach to the rooftop solar market, in conjunction with the federal and state incentives, creates an innovative and economic solar solution for the marketplace.’