Yesterday at InterSolar we announced some exciting news. Recurrent Energy successfully raised a significant round of financing, securing $75MM from Hudson Clean Energy Partners.
The financing enables us to expand our efforts in the US as well as in international markets. We're actively developing projects with corporate, utility, and government customers in addition to our core focus in the leased property market. The financing also plays a critical role for us by strengthening our balance sheet and enabling us to contract on equal footing with utilities, large property owners, municipalities, and global suppliers.
Hudson is a private equity firm investing in renewable power, alternative fuels, energy efficiency and storage. Hudson's team is well respected and brings significant experience backing some of the world's most successful renewable energy companies. It was clear as we worked together on the deal that we had a common vision of the opportunity and how to pursue it. And frankly they're just good people, which made the entire process a pleasure.
We've had very positive reception from the press, industry colleagues, and financial community. I'm thrilled because we've positioned Recurrent Energy to pursue solar development on a global scale. It's the realization of a dream for me and many years of work preparing for this opportunity.
For the moment, I'm enjoying the relief of getting the financing over the finish line. Tomorrow, we roll up our sleeves and get to work!