CHICAGO – Brite Energy has created a new residential solar program along with MySolar IX, which is co-owned by MS Solar Investments, an indirect, wholly-owned subsidiary of Morgan Stanley, and Main Street Power Co., a solar developer and owner/operator.
“MySolar has been a leading investor in the solar industry, and we are excited about partnering with such an established solar platform,” says Jimmy Chuang, chief structured finance officer for Brite Energy. “With this new relationship, Brite has raised more than $250 million in financing, and we are expected to double this amount in 2015 to support the company’s growth trajectory.”
The investment program will initially finance approximately up to $200 million in residential solar projects in multiple states across the U.S. With the addition of this new investment program, Brite Energy says it has expanded its funding platform and can provide thousands of new and existing customers with the opportunity to secure clean energy at lower costs than they currently pay for utility power with no upfront payment.
“We are proud to partner with Brite Energy and play a role in making solar energy an affordable, alternate power source for more consumers across the country,” says Woody Rubin, senior vice president of Boulder, Colo.-based Main Street Power, which is the managing member of MySolar.
Brite Energy was formed in June of 2014 with backing from Protection 1 and GTCR, a Chicago-based private equity fund. In September 2014, Brite Energy launched its first market in San Diego. The company currently has six active offices located in multiple states. Brite Energy plans to execute a phased, market by market launch strategy allowing the company to scale quickly.
“Leveraging the customer centric capabilities of Protection 1, we have created the ultimate customer acquisition experience for our Brite customers,” says Jared Chappell, chief revenue officer for Brite Energy. “We look forward to accelerating our customer acquisition in 2015 through our innovative, solar energy made-easy platform.”
