You’re in business, and you have a large commercial warehouse the size of New Seasons. You are ready for solar power. The cost of installing photovoltaic panels on your building runs in the tens of thousands. You’ve got a budget for the next five years, and a distant ten, but in no way is your company prepared to pay for twenty years of electricity up front. Enter Jihar Shah, the entrepreneurial developer of SunEdison.
Shah got the solar power business into the energy business. Well-capitalized investors, banks, and corporations with government subsidies (not to mention the cost of procuring and shipping fossil fuel to your friendly neighborhood power plant) develop and own coal, natural gas, oil, and nuclear plants. Public utilities sell electricity to customers.
Shah created SunEdison to apply energy industry practice to solar power. SunEdison clients Whole Foods, Staples, and Ikea pay nothing for their solar systems. They sign a power-purchasing agreement (PPA) and agree to buy electricity at a set price for at least 10 years. This helps establish price certainty in a volatile market and reduce the carbon footprint. Once SunEdison has customer commitment in PPAs, they borrow money to build solar systems with PPAs as collateral.
On March 7, 2008, SunEdison purchased Renewable NRG, a solar company in Portland.
Russ Wright, CEO of Renewable NRG, added, “I have long respected the standards and innovation that SunEdison has brought to the solar energy services industry. This is a great fit for Renewable NRG customers and for organizations to deploy clean solar electricity
without any upfront costs.”
Mr. Wright will continue developing solar energy services projects on behalf of SunEdison in Portland, serving current Renewable NRG and SunEdison customers. Wright will also continue in his role as treasurer of the Oregon Solar Electric Industry Association.
SunEdison will fulfill existing solar installation contracts and the solar power services agreements of Renewable NRG, which include PV systems for Parr Lumber and the City of Hillsboro.
Sun Edison LLC is North America’s largest solar energy services provider and operates across a global marketplace. SunEdison provides solar-generated energy at or below current retail utility rates to a broad and diverse client base of commercial, municipal and utility customers. For more information about SunEdison, please visit http://www.sunedison.com.
Oregon Operations Center
9952 SE Ash St., Suite B
Portland, OR 97216
Phone: 866-SunEdison (866-786-3347)
Fax: (856) 330-1493