By Frank Andorka, Senior Correspondent
It’s common knowledge that the commercial & industrial (C&I) segment of the solar industry historically has struggled to find financing and put together projects. The reasons for the struggles are myriad, but mostly it has to do with banks not being sure what to do with commercial properties and how to securitize them.
Now two industry powerhouses are joining forces in the hopes of relieving some of that pressure. EDF Renewables North America (EDF Renewables)and EnterSolar announced a strategic partnership whereby EDF Renewables will acquire a 50% interest in EnterSolar that will allow the company to offer C&I customers the most comprehensive array of behind-the-meter services.
While the new agreement does provide Entersolar with EDF Renewables’ unparalleled experience in renewable energy and storage, and its proven long-term expertise in distributed solar solutions to corporate C&I customers internationally,\ it is primarily focused on is adding capital to the segment. As part of the agreement, EDF Renewables is providing growth capital as well as additional project financing capabilities to EnterSolar.
“We are delighted to announce this partnership with EDF Renewables, which, in conjunction with a strategic investment, provides EnterSolar with enhanced growth opportunities and the ability to further advance our goal of becoming the preferred provider of distributed generation solar solutions to the corporate marketplace,” said Paul Ahern, president, EnterSolar.
“We are impressed with the quality of the EnterSolar team and the striking natural fit between our offerings. EnterSolar has a remarkable customer satisfaction track record with C&I customers, while EDF Renewables Distributed Solutions brings strength and experience specific to ground-mount solar projects up to 30 MWp alongside behind-the-meter battery storage for the C&I sector. This new partnership will benefit from complementary synergies,” said Raphael Declercq, executive vice president, EDF Renewables. “The partnership now provides our customers with a wider choice of comprehensive distributed energy solutions.”
Terms of the partnership were not disclosed.