REC Solar to help SolarWorld installers with commercial projects

The US unit of German solar manufacturer SolarWorld (ETR:SWV) on Wednesday announced a partnership with REC Solar designed to help SolarWorld installers develop commercial projects.

The tie-up will see REC Solar, a US commercial solar installer majority owned by energy company Duke Energy Corp (NYSE:DUK), provide financing, procurement and other services. Qualified SolarWorld installers will gain access to project financing from REC Solar’s USD-225-million (EUR 204.5m) fund, guaranteed by Duke Energy, in California, Hawaii, Maryland, Massachusetts, New Jersey and New York. They will also get access to REC Solar’s commercial power purchase agreement (PPA).

SolarWorld said the partnership programme was aimed at speeding up development of commercial projects of 50 kW to 2 MW by streamlining credit underwriting, contracting, procurement and financing processes. It builds on existing supply relationships with both REC Solar and Duke Energy.

"Together, we are resolved to help our installation partners enjoy access to the widest possible range of projects while saving them time and reducing their costs," said SolarWorld US president Mukesh Dulani.

(USD 1.0 = EUR 0.909)

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