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
SolarWorld Real Value
SolarWorld manufactures and sells solar power solutions and in doing so contributes to a cleaner energy supply worldwide. As the largest solar producer in the United States and Europe, SolarWorld employs about 3,200 people and carries out production in Hillsboro, Ore., and Freiberg and Arnstadt, Germany. From the raw material silicon to solar wafers, cells and panels, SolarWorld manages all stages of production ‒ including its own research and development. Through an international distribution network with locations in the United States, Europe, Singapore and South Africa, SolarWorld supplies customers all over the world. The company maintains high social standards at all locations across the globe and is committed to resource- and energy-efficient production. Headquartered in Bonn, Germany, SolarWorld was founded in 1998 and has been publically traded on the stock market since 1999. For more information, visit www.solarworld-usa.com.
Media relations manager
SolarWorld Industries America
4650 Adohr Lane
Camarillo, CA 93012