Panasonic Enterprise Solutions Company (Panasonic) and Coronal Group LLC (Coronal) announce the completion of nine solar projects in Tulare and Kings Counties in Central California. The projects provide 16.2 MW of solar energy to Southern California Edison’s grid to power approximately 14,500 homes annually.
“The Panasonic-Coronal platform is a proven integrated business model that removes obstacles like financial and structural complexities. It aslo helps to deliver affordable, reliable, clean energy,” said Panasonic Eco Solutions Managing Director Jamie Evans.
Panasonic and Coronal acquired the California Renewable Energy Small Tariff projects from Macquarie Capital in 2013. A US$50 million funding commitment by Ullico Inc., 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. “Our total joint project development with Panasonic, now more than 100 MWs, is an indicator of both the success of our platform and the rising interest in solar projects.”
Coronal’s relationship with Panasonic allows it the flexibility to acquire operating solar assets or partner with developers and engineering, procurement and construction providers in North America.