Jan 12, 2015 (SeeNews) - US home security firm Protection 1 said Friday its sister firm Brite Energy has raised over USD 250 million (EUR 212m) for residential solar activities from Morgan Stanley (NYSE:MS) and Main Street Power Co.
Brite Energy has created the new residential solar programme with MySolar IX LLC, a joint venture between Morgan Stanley’s MS Solar Investments LLC and solar projects developer, owner and operator Main Street Power.
The firm expects to double the newly-raised USD 250 million this year, its chief structured finance officer Jimmy Chuang said in a press release.
The goal of Brite Energy, which is backed by Protection 1 and private equity fund GTCR, is to undertake a phased, market by market launch strategy. It entered the San Diego, California market in September 2014. The company mentioned it will initially fund up to USD 200 million worth of residential solar installations in a number of US states.
(USD 1.0 = EUR 0.846)