Yesterday SolarWorld and REC Solar announced a deal under which REC will assist installers which use SolarWorld modules with streamlined credit underwriting, contracting, procurement and financing for commercial and industrial (C&I) projects 50 kW to 2 MW in capacity.
Through the deal, SolarWorld installers will be able to access project financing from a $225 million fund guaranteed by REC Solar’s majority owner Duke Energy for projects in California, Hawaii and the Northeast. The partnership will additionally give SolarWorld installers access to REC Solar’s commercial power purchase agreement (PPA).
As the largest U.S.-based crystalline silicon PV maker with 40 years of continuous manufacturing, SolarWorld has built up an extensive network of installers. The company says that the program will be open to those installers which undergo a vetting process, and while SolarWorld officials expect these will be mostly mid-to-large companies, they still say this could potentially include hundreds of individual companies.
SolarWorld notes that the new partnership with REC builds on existing supply relationships.
This is also the latest move in REC Solar’s channel partner program. Taking the opposite approach to vertical integration, REC Solar is seeking to work with solar installers to support them in areas where the company has expertise, including financing and project support in the C&I solar market.
Sungevity was the first company to join REC Solar’s channel program, and since then the company has signed on four more installers.
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