SunPower Corp. and True Green Capital Management LLC launched a $140 million fund to support construction of 50 MW of distributed generation solar projects at various locations in the U.S.
The projects are likely to include those with solar renewable energy credits as well as integrated storage components in California, Connecticut, Maryland, Massachusetts, New Jersey, and Washington, D.C., according to an Oct. 5 release. As part of the effort, SunPower is already building 5 MW of solar power systems in Massachusetts and has an "extensive" development pipeline of commercial projects.
The three-year contract also will see SunPower provide engineering, procurement and construction, and operations and management services to the projects that eventually be will be acquired by True Green Capital.
"While U.S. electricity demand is on the rise, many U.S. states face closures of old coal and nuclear power plants, so we see huge potential in meeting that need with distributed solar power, especially in the Eastern U.S. where states are aggressively investing in solar photovoltaics," True Green Capital Managing Partner Panos Ninios said.