Partnering with Morgan Stanley to make tax equity financing available immediately, SunEdison is executing a major launch of an innovative power purchase agreement (PPA) product across seven states. With a newly expanded channel and sales platform, and through the recent acquisition of multiple residential power plants with SunEdison subsidiary TerraForm Power as the long-term asset owner, SunEdison is now firmly positioned to effectively serve every segment of the residential and small commercial solar power market.
SunEdison Fueling Up For Significant Growth
In combination with its major PPA product launch with Morgan Stanley, SunEdison, Inc. (NYSE: SUNE) also announced the acquisition of LightWing, a comprehensive solar platform solution for utility companies and retail energy providers (REPs), and an exclusive sales partnership with Evolve, one of the United States’ largest residential solar resellers.
“By executing on these initiatives,” SunEdison Global General Manager and Senior Vice President of Residential and Small Commercial Vikas Desai said, “we’ve enhanced our product portfolio and channel platform to fuel significant growth.” Desai continued, “With the addition of a new residential PPA product and greatly strengthened channel and sales capabilities, we’re now positioned to effectively serve every segment of the residential and small commercial market.”
Morgan Stanley Promotes Clean Energy Investing
The agreement with leading financier Morgan Stanley announced by SunEdison will provide tax equity financing for the PPA product in a partnership fund with TerraForm Power. A leading global financial services firm, Morgan Stanley provides a wide range of international investment banking, securities, wealth management, and investment management services. Its worldwide clients include corporations, governments, institutions, and individuals in more than 43 countries across the globe.
With special emphasis on sustainable investing, Morgan Stanley’s Institute for Sustainable Investing seeks to mobilize capital to address pressing global challenges and identify market-based, scalable solutions. Morgan Stanley is a founding signatory of the Green Bond Principles, which are voluntary guidelines for the development and issuance of green bonds, critical for encouraging transparency, disclosure, and integrity in the development of the green bond market.
A pioneer in green bonds, since 2013 Morgan Stanley has led 27 green bond transactions representing over $15 billion in aggregate principal amount. Several of these transactions have included notable industry landmarks, such as launching the first-ever corporate green bond, the first-ever automobile asset-backed securities green bond, and the first-ever university green bond in the United States.
TerraForm’s Clean Energy Power Plants
TerraForm Power CEO Carlos Domenech stated, “TerraForm is pleased to support the launch of SunEdison’s broader residential solar platform. We look forward to being a long-term owner of these residential assets, which we believe will deliver high quality cash flows and growth to our shareholders from this new market segment.”
LightWing and Evolve Solar Supplement the SunEdison Expansion
A significantly broader customer base is now available for SunEdison, as well, with the company’s recent acquisition of LightWing, a company which has created a comprehensive solar platform solution specifically designed for utility companies and retail energy providers (REPs). SunEdison states that it expects to see rapid expansion of its channel coverage and significantly increase its ability to reach new consumers with this well-timed acquisition.
Now exclusively selling SunEdison solar products, the new partnership with Evolve Solar further supplements the SunEdison expansion with one of the top residential resellers in the United States with a 250+ strong sales force. Evolve Solar has proven capabilities for reaching 40,000 potential consumers each month across 9 states, and SunEdison anticipates the Evolve Solar partnership will now drive significant residential system volume across the new platform.
The World’s Largest Renewable Energy Development Company
The world’s largest renewable energy development company, SunEdison is intent on transforming the way clean energy is generated, distributed, and owned around the globe. With corporate headquarters based in the United States, SunEdison has additional offices all around the world. The company manufactures solar technology and develops, finances, installs, owns, and operates wind and solar energy power plants, delivering predictably priced electricity to its residential, commercial, government, and utility customers.
In addition, SunEdison is one of the world’s largest renewable energy asset managers and provides asset management, operations and maintenance, and monitoring and reporting services for its renewable energy customers all over the world.