Investment in San Rafael-based solar electric finance specialist unites two California Benefit Corporations to provide low-cost clean energy for schools, municipalities and public service organizations
BERKELEY CA -- Berkeley-based Sun Light & Power, a leading California solar contractor established in 1976, has acquired a significant stake in SolEd Benefit Corporation., a Power Purchase Agreement (PPA) provider and energy finance firm headquartered in San Rafael.
The acquisition marks the beginning of a nonexclusive partnership between two California Benefit Corporations dedicated to providing practical and affordable energy solutions to schools, municipalities and public service organizations.
Gary Gerber, founder and president of Sun Light & Power, says the arrangement will give his customers better access to a full range of financing options, including PPA contracts that allow customers to pay only for the energy they use, while the developer owns and maintains the system and takes the renewable energy tax credits. SolEd’s PPA approach leverages cost-effective energy efficiency measures and sophisticated financial models to lock in significantly lower energy costs over the long term, with little or no up-front cost to the customer, and increasing savings over time. “We wanted to enhance our ability to help our clients navigate the complexities of solar energy financing and incentives,” Gerber says. “A strategic partnership was clearly the best way to achieve that goal, but we took our time finding the right match, with people who truly share our customer-centered values.”
As California Benefit Corporations, both firms are committed to harnessing the power of business for the public good, facilitating reduced costs for solar power installations while maintaining a healthy and sustainable bottom line. “Our mission is to provide host customers with the lowest lifetime cost of energy,” said David Kunhardt, CEO of SolEd. “Sun Light & Power has been delivering quality for repeat customers for decades, and is also a B Corporation, the perfect partner for SolEd.”
While both firms will continue to work with other partners in their respective areas, the close relationship between SolEd and Sun Light & Power will support a more integrated customer experience encompassing all phases of project development and implementation. The two firms are poised to function as co-developers on major projects, fusing SolEd’s considerable expertise in resource assessment, financing and reporting mechanisms with engineering, procurement and construction services backed by one of California’s oldest and most respected solar energy contractors.