Brite Energy, a sister company of Protection 1 which focuses on business and home security, has created a new residential solar program with Morgan Stanley’s co-owned subsidiary, MySolar IX, and Main Street Power Company. The new program will offer financing services for residential solar projects in multiple states across the U.S.
MySolar IX, LLC is co-owned by MS Solar Investments LLC, an indirect, wholly-owned subsidiary of Morgan Stanley. The investment program will initially involve in financing approximately up to USD$200 million in residential solar projects in multiple states across the U.S. With the addition of this new investment program, Brite Energy has expanded its funding platform and can provide thousands of new and existing customers with the opportunity to secure clean energy at lower costs than they currently pay for utility power with no upfront payment.
“MySolar has been a leading investor in the solar industry, and we are excited about partnering with such an established solar platform,” said Jimmy Chuang, Chief Structured Finance Officer for Brite Energy. “With this new relationship, Brite has raised more than USD$250 million in financing, and we are expected to double this amount in 2015 to support the company’s growth trajectory.”
Brite Energy was formed in June of 2014 with backing from Protection 1 and GTCR, a Chicago-based private equity fund. In September 2014, Brite Energy launched its first market in San Diego, Calif. and currently has six active offices located in multiple U.S. states. Brite Energy plans to execute a phased, market by market launch strategy allowing the company to scale quickly while delivering the industry-leading customer experience Protection 1 has delivered over its 26-year operating history.
"Leveraging the customer centric capabilities of Protection 1, we have created the ultimate customer acquisition experience for our Brite customers,” said Jared Chappell, Chief Revenue Officer for Brite Energy. “We look forward to accelerating our customer acquisition in 2015 through our innovative, solar energy made-easy platform."