SAN FRANCISCO--Recurrent Energy, a solar services company, today announced the close of a $200 million staged solar project fund with Morgan Stanley.
The fund represents a commitment by Morgan Stanley to provide financing for $100 million of Recurrent Energy's solar electric power projects in 2008 and an additional $100 million in 2009.
Recurrent Energy sells solar electricity from its projects to institutional property owners (REITs and pension funds) and their tenants via a power purchase agreement at grid-competitive rates. Called
Solar as a Service, Recurrent Energy's offering enables its customers to cost-effectively reduce their use of fossil-generated electricity across large property portfolios.
Recurrent Energy
www.recurrentenergy.com
Morgan Stanley
www.morganstanley.com
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