REgeneration Finance, LLC (“REgeneration”), a premier developer of solar energy projects in North America, announced this week that it has entered into a joint venture with Padova, Italy based Silfab S.p.A (“Silfab”), a leading vertically integrated European photovoltaic company.
HARRISON, N.Y.--(BUSINESS WIRE)--REgeneration Finance, LLC (“REgeneration”), a premier developer of solar energy projects in North America, announced this week that it has entered into a joint venture with Padova, Italy based Silfab S.p.A (“Silfab”), a leading vertically integrated European photovoltaic company. This transaction involves both a capital investment into a REgeneration affiliate from Silfab and a collaboration agreement between REgeneration and Silfab USA LLC, its USA subsidiary.
“We look forward to working closely with the REgeneration team to create a vibrant commercial and utility scale photovoltaic market here in the United States”
According to Lorrie Friedman, REgeneration’s CEO, REgeneration will use the funds from the investment to expand its program of financing and structuring commercial and utility scale solar energy projects. The initial focus is to structure and provide construction, debt and related equity financing to large scale distributive generation projects throughout the United States. The joint venture will ultimately own these projects. REgeneration is actively developing a pipeline of projects for schools, universities, municipalities and major corporations.
In addition to the investment, Silfab entered into a collaboration agreement with REgeneration to provide its technical expertise through its United States subsidiary.
“We are very proud to be associated with one of Europe’s top integrators and solar energy providers,” said Friedman. “Their principal founders have over 30 years of diverse experience in our industry covering the entire photovoltaic supply chain. This partnership provides cutting-edge technologies and best practices that have evolved in the European markets.”
REgeneration recently announced a spate of collaboration agreements with leading US installers. “Silfab has over 60MW of utility scale projects under development in key southern European markets, and whose founders, Franco Traverso (an Italian pioneer in the solar energy industry), Pan Asia Solar Ltd. and Sino-American-Silicon Products Inc. have an unmatched record of building successful solar energy companies - we can think of no better partner to work with to take advantage of the coming boom of US solar activity,” said Friedman.
Franco Traverso, Chairman and CEO of Silfab, commented, “The marrying of REgeneration’s financial expertise with our long experience in developing and operating photovoltaic power-plants should deliver ultimate benefits to US consumers seeking affordable, clean energy.”
“We look forward to working closely with the REgeneration team to create a vibrant commercial and utility scale photovoltaic market here in the United States,” he added.
Coltin Securities LLC acted as financial advisor to REgeneration in the transaction.
ABOUT REGENERATION FINANCE LLC.
REgeneration Finance is an experienced developer of solar energy systems, providing solar energy power to municipal, commercial and non-profit entities. Through a financial structure that fully utilizes various federal and state benefits, REgeneration Finance allows its clients to receive all the financial and social benefits of renewable energy, including reducing their carbon footprint, with no initial capital investment. Their customers typically receive substantial energy savings over what they would have otherwise paid to their respective utility. REgeneration Finance is able to provide such savings through an efficient capitalization of renewable energy tax credits along with traditional forms of financing.
ABOUT SILFAB S.P.A
Headquartered in Padua, Italy, Silfab S.p.A is a leading provider of vertically integrated products and services globally. With activities spanning manufacturing, consulting and energy generation, the company seeks to further the advancement of photovoltaic energy through employing cutting-edge technologies. The company’s founders have extensive experience in the PV industry and have partnered with industry-leading engineering firms and equipment providers to establish a team with knowledge and demonstrated success across all photovoltaic technologies and project development methodologies. Its partners include Franco Traverso, an Italian pioneer in the solar energy industry who founded and developed Helios Technology S.p.A., one of Italy’s leading solar energy companies, Pan Asia Solar Ltd., whose principals co-founded some of the most successful listed PV businesses including Suntech (NYSE: STP), JA Solar (NASDAQ: JASO) and China Sunergy (NASDAQ: CSUN), and finally Sino-American-Silicon Products Inc., a listed (5483.TWO) provider of premium silicon wafers to the photovoltaic and semiconductor industries.
