Recurrent Energy announced the close of a $200mm solar project fund today. The fund represents a commitment by Morgan Stanley to provide financing for $100mm of Recurrent Energy's solar electric power projects in 2008 and an additional $100mm in 2009.
We're very excited about the news because of the size of the fund--and because we're the only new entrant in the solar services field to have reached this milestone. We've been working on putting the fund together for some time now and settled on working with Morgan Stanley a little earlier this year.
But best of all, with the fund in place we can offer our customers and partners the added certainty of knowing we have capital lined up--with a leading investment bank--to offer PPA financing for solar power projects.