Panasonic Makes Strategic Investment in Coronal Group
Investment an Outcome of the Successful Panasonic-Coronal End-to-End Solar Solution Model
Panasonic Enterprise Solutions Company announced that it has made a strategic investment in alternative energy firm Coronal Group LLC. Since 2013, Panasonic and Coronal have worked together to bring comprehensive, end-to-end solutions for solar photovoltaic projects to the commercial, industrial, municipal and small utility sectors. The two companies have developed, built and now operate or are currently constructing a portfolio of solar systems in North America—totaling nearly 100 megawatts (MW) of renewable energy, and are assembling a significant project pipeline.
“Panasonic is one of North America’s largest developers in the solar sector. Our investment in Coronal Group will accelerate our fast growing platform with Coronal as an integrated solar energy solution provider for customers with a shared understanding of the value of solar energy production and sustainability, both for the environment and the bottom line,” said Jamie Evans, the company’s Managing Director of Eco Solutions, and who will serve on the board of Coronal. “Given the promise of the solar market, together the Panasonic-Coronal team is aggressively looking for additional investment opportunities and strategic partners,” he said.
“Working with Panasonic, we believe we offer a unique platform to create the optimal, end-to-end solution for commercial, industrial, municipal and small utility solar projects,” said Jonathan Jaffrey, CEO and Managing Director of Coronal Group. “This investment strengthens the exclusive relationship between Panasonic and Coronal and provides additional growth capital to allow us to continue to fill critical gaps in the solar market.”
Earlier this year, Coronal opened an office in Canada to expand its presence and support projects in collaboration with Panasonic Eco Solutions Canada. In addition, the Panasonic-Coronal team is actively working to extend its platform into other geographic regions.
Panasonic-Coronal projects completed or underway in 2014 include:
· The development of a 26-megawatt solar system near Lost Hills, California that will generate emission-free power to be sold to Southern California Edison.
· Acquisition of the 6 MW Balsam Lake Solar Project from Balsam Lake Green Energy in Canada. The project is part of the Ontario Power Authority’s Feed-In Tariff Program. It is under construction with plans for operation in 2015.
· Completion, earlier this year, of nine solar projects in central California. The projects provide 16.2 MW of energy to Southern California Edison to power approximately 2,600 homes annually.
· The construction of 11 solar projects at shopping centers nationwide, for leading retail property owner and developer Macerich Company, which are expected to yield up to 10 MW of clean energy.
About Panasonic Enterprise Solutions Company
Panasonic Enterprise Solutions Company, a division of Panasonic Corporation of North America, develops, installs and maintains large-scale Eco Solutions and Audio-Visual Solutions for business and municipal customers. Serving customers across a wide range of industries, Panasonic Enterprise Solutions engineers custom-built applications using the latest technology, experience in end-to-end management of complex corporate projects and unparalleled onsite support services. Eco Solutions offers expertise in end-to-end solar energy projects while also delivering technological and financial solutions to the rapidly expanding commercial and industrial renewable energy markets. An industry leader in Audio-Visual Solutions, the company has installed some of the largest high-definition LED video boards in the world at many well-known sports and entertainment venues in the U.S. In Interbrand’s 2014 annual “Best Global Green Brands” report, Panasonic ranked number five overall and the top electronics brand in the report. Learn more: panasonic.com/pressroom
About Coronal Group LLC
Coronal Group is an alternative energy firm that finances and operates solar PV projects for institutions, municipalities, corporations and non-profit organizations throughout the U.S., Canada, and Latin America. The Coronal team, which brings more than 80 collective years of successful asset and investment management experience, and a strong record of solar project development, has been recognized by the White House Office of Innovation and Civic Participation as thought leaders in the solar industry.
The Panasonic-Coronal partnership delivers a comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects in the commercial, industrial, municipal and small utility markets from inception to commercial operation – services include construction and equity financing, to engineering, procurement and construction (EPC) and the operations and maintenance (O&M) of the systems. For additional information, please visit www.CoronalGroup.com.
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