Panasonic Enterprise Solutions Company (Panasonic), in association with Coronal Group, announced the completion of nine solar projects in Tulare and Kings Counties in Central California.
The projects provide 16.2 MW of energy to Southern California Edison’s grid to power approximately 14,500 homes annually.
Coronal Group’s joint project development with Panasonic now accounts for more than 100 MWs, according to company officials.
Panasonic and Coronal acquired the California Renewable Energy Small Tariff projects from Macquarie Capital in 2013.
The project received $50 million funding commitment by Ullico. The projects were built by Panasonic and ImMODO Energy Services Corporation.
According to Panasonic Eco Solutions managing director Jamie Evans, the financial and structural complexities of solar projects are a big challenge for companies interested in adopting them.
“The Panasonic-Coronal platform is a proven integrated business model that removes those obstacles, and helps to deliver affordable, reliable, clean energy,” Evans added.
Panasonic and Coronal acquired the California Renewable Energy Small Tariff projects from Macquarie Capital in 2013.
A $50 million funding commitment by Ullico, a labor-union owned insurance and investment company, also contributed to the acquisition and completion of the projects. The projects were built by Panasonic and ImMODO Energy Services Corporation.
“The completion of these nine projects, the first commercial projects to be finished under the Panasonic-Coronal platform, marks an important milestone and there are more in the pipeline,” said Jonathan Jaffrey, CEO of Coronal.
The partnership allows Coronal to to acquire operating solar assets or partner with developers and engineering, procurement and construction providers in North America.