Panasonic Eco Solutions North America Announces "End-to-End" Financing Solution for its Solar Projects
Panasonic announced it will establish a strategic relationship with Coronal Management, LLC in connection with the formation of a new solar company to be managed by Coronal Management. The new solar company is being formed to provide funding for distributed generation solar systems that will be built and maintained by Panasonic Eco Solutions North America. It is expected that the financing capability provided by the new solar company will alleviate a major hurdle to solar project implementation and provide a growth platform for Panasonic as it further expands into the North American solar market. Panasonic is committed to become the world's leader in green innovation in the electronics industry by its 100th anniversary in 2018.
Panasonic Eco Solutions North America, launched in April of this year as a division of Panasonic Corporation of North America, provides a robust solar platform that includes development services and funding and full EPC (Engineering, Procurement, Construction) capabilities with construction financing. Panasonic's strategic relationship with Coronal Management and its new solar company will add an additional needed component of equity financing for the development and construction of Panasonic's solar projects. To date, Panasonic has completed solar projects in California for Speedway Motorsports Sonoma (formerly known as Infineon Raceway) and the Hilton Foundation, marking Panasonic's entry into the North American commercial scale market. Corporate and non-profit entity customers alike will benefit from the reduced complexity of working with a single solution provider while lowering energy costs and making a high profile statement about their environmental commitment. "We are very excited about our relationship with Coronal Management and its ability to help us offer a unique and differentiated solution to the commercial scale market," said Jim Doyle, President of Panasonic Eco Solutions North America. "The ability to provide an end-to-end development, implementation and financing solution for our customers is critical to our continued growth in the solar space."
"Our management team is thrilled to be part of this industry changing effort. Panasonic brings unrivaled engineering and building capabilities backed by the largest balance sheet in the solar business," said Jonathan Jaffrey, who heads Coronal Management. "Together Panasonic Eco Solutions North America and Coronal Management will provide an unmatched solar solution to the North American market."