Project Finance Will Boost Uptake Of Commercial Solar And Storage Projects
Open Energy Group is a financial provider for new projects involving rooftop solar and storage in the US. CEO of Open Energy Group, Graham Smith, believes that while utility scale and residential rooftop markets have been well funded by project financial providers, the U.S commercial rooftop market still remains untapped. Smith also believes providing financial support to commercial rooftop developers will see the increase in uptake of commercial rooftop solar.
To date, Open Energy has funded $2 million into commercial and small utility rooftop PV projects. A target is set to increase this to $5 million in the following weeks, as well as a goal of $20-$30 million by the end of 2015.
Recently, Open Energy has also widened their range of partners, from initially limiting their off-take agreements to primary utilities, they are now considering offtakers such as schools, universities, municipal and governmental bodies- as being potential investors that express interest in solar energy and storage. Smith highlighted the importance of reducing costs of equipment to allow a more widespread access to solar.
Open Energy Group will be launching a new borrower platform soon, and are looking at providing project finance for solar and storage arrays for public buildings.
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