SolarWorld partners with Renewable Social Benefits Funds to jumpstart solar power projects for educational institutions
Strategic alliance equips schools with no-money-down access to solar power
CAMARILLO, Calif., Sept. 30, 2010 – SolarWorld Americas, the sales and marketing arm of the largest and most experienced U.S. solar electric panel manufacturer, today announced a strategic alliance with Renewable Social Benefit Funds (RSB Funds) to offer no-money-down financial arrangements to educational institutions so that they can immediately tap plentiful and clean energy from the sun and accrue financial savings to stretch their budgets.
SolarWorld and RSB Funds – a renewable energy company that serves only not-for-profit, tax-exempt schools and other organizations – have agreed to jointly market solar projects featuring SolarWorld solar systems, RSB Funds financial mechanisms and SolarWorld’s authorized installer network. Participating educational institutions will be able to buy electricity generated by solar systems on their property at rates lower than they currently pay to utilities, re-investing the savings into their school programs.
SolarWorld Financial Solutions, in concert with RSB Funds, will offer operating leases and power purchase agreements (PPAs) to help schools manage initial system costs while extracting immediate and ongoing savings on their electrical bills. Under the PPAs, RSB Funds will cover the upfront costs of solar power projects for participating schools; in turn, the schools will draw power from the systems at discounted rates.
"SolarWorld is committed to providing affordable solar power technology solutions to all of America," says Kevin Kilkelly, president of SolarWorld Americas. "With this partnership, we are focused on the educational market, because we know that solar energy, coupled with the financing solutions that this partnership provides, will enable these centers of community life to lead by example. Along the way, they can use their savings to hire more teachers, enrich educational experiences or expand student activities."
"Renewable Social Benefit Funds has long recognized the importance of bringing clean renewable energy to the not-for-profit sector because of the potential cost-savings we can offer them, which they can reinvest into their core programs," said Jonathan Jaffrey, chief executive officer of RSB Funds. "This strategic partnership with SolarWorld couldn’t come at a better time for us, for the sector and, frankly, for our country."
For more information about SolarWorld Financial Solutions, email SWFS@SolarWorldUSA.com
About SolarWorld AG
SolarWorld AG manufactures solar power systems and in doing so contributes to a cleaner energy supply worldwide. The company, located in Bonn, employs approximately 2,500 people and carries out production in Freiberg, Germany, and Hillsboro, Ore. From raw material silicon to the solar module, SolarWorld manages all stages of production ‒ including its own research and development. Through an international distribution network, SolarWorld supplies customers all over the world with solar modules and complete systems. The company maintains high social standards at all locations across the globe, and has committed itself to resource- and energy-efficient production. SolarWorld has been publicly traded on the stock market since 1999. More information at www.solarworld-usa.com
Media relations manager
SolarWorld Industries America
4650 Adohr Lane
Camarillo, CA 93012