Annapolis Junction, MD, July 7, 2014 (GLOBE NEWSWIRE) -- Astrum Solar ("Astrum") and Hudson Clean Energy ("Hudson") announced today the signing of a partnership agreement, whereby Hudson will provide Astrum with up to $100 million of financing to support the costs of residential solar installations throughout the United States.
The financing program will allow Astrum to accelerate its mission of spreading solar power to residential rooftops at a time the award-winning national residential solar provider is rapidly expanding its footprint in key solar markets across the country.
The financing program expands Hudson's global clean energy investment portfolio, which began in 2007 with a growth private equity fund in excess of $1 billion in size and has continued with Hudson's solar infrastructure fund raised last year.
"Though the cost of residential photovoltaic systems has declined, for some homeowners the up-front cost remains greater than what they can afford out of pocket," said Wilson Chang, Hudson Vice President. "There remains a very real need for creative and attractive financing solutions in this space that Hudson has identified and is working in partnership with Astrum to fulfill."
"We are excited by the validation provided by this partnership," said Josh Goldberg, Astrum Co-Founder and Executive Vice President. "Hudson is a valuable partner with an exceptional understanding of solar finance. We look forward to working together to lower the costs associated with solar installations for our customers."
Astrum Solar is a leading national designer and installer of residential solar photovoltaic arrays. Astrum's software-enabled management systems have allowed the Company to grow rapidly while offering best-in-class quality and performance.
"This agreement is just the beginning. Hudson believes very strongly in the residential solar market's potential and is committed to making an impact in this space," said Neil Auerbach, founder and Managing Partner of Hudson. "Residential solar is already cost-competitive with utility prices in several key markets, and with the cost per kilowatt of residential solar systems continuing to decline, we will monitor new opportunities to productively deploy capital on behalf of our investors."
ABOUT ASTRUM SOLAR
Astrum Solar is a leading national full-service residential solar provider, serving homeowners and small businesses in California, Arizona, Connecticut, Delaware, New Hampshire, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, Virginia, Washington, DC, and West Virginia. Astrum Solar's mission is to spread solar power to the rooftops of America and to ensure that its customers get the most out of their solar panels: the most energy generated, the most electricity savings, the most beneficial environmental impact, and the most joy each time they see a sunny day. Astrum Solar was on the Inc. 500 Fastest Growing Companies List in 2012 and 2013. (www.astrumsolar.com)
ABOUT HUDSON CLEAN ENERGY
Hudson Clean Energy is a leading private equity and infrastructure firm based in Teaneck, NJ making privately negotiated investments in the dynamic and high-growth clean energy industry.
Global in scope, Hudson is dedicated to investing exclusively in renewable power, alternative fuels and energy smart technologies, in sectors that include wind and solar energy, biofuels, biomass, geothermal energy, energy efficiency and storage. Hudson typically invests in high-growth, asset-based, capital-intensive segments of the clean energy value chain with minimal technology development risk, primarily in control and shared-control positions.
Further information about Hudson can be found at www.HudsonCEP.com.
CONTACT: Astrum Solar Jose Ramos 707.495.8049 Hudson Clean Energy Kimberly Setliff 415.977.1942
Source: Astrum Solar