Clear Skies Solar Responds To Rapidly Expanding Market
Mineola NY (SPX) Feb 25, 2011
Clear Skies Solar has announced the formation of a new wholly owned subsidiary, called Clear Skies Financial Inc., to fund the Power Purchase Agreement or PPA of smaller high volume projects the Company has pending in its pipeline of business.
Specifically, the Company formed Clear Skies Financial Inc. to reduce the processing time required to fund these projects, and to provide immediate access to secure financing, thereby avoiding the need to invest time and resources pursuing certain existing residential financial packages that can be "questionable" or present challenges to obtain.
Clear Skies Solar anticipates funding of an initial $5.0 million in financing pursuant to the terms of the LOI which will only require approval of the credit criteria of each transaction.
This initial investment represents the funding for approximately 200 residential properties or one megawatt which will fuel the Power Purchase Agreement under which this program was developed. This transaction does not require CSS to issue any equity based securities.
Beginning immediately, this new financing program under Clear Skies Financial will be available to clients in New Jersey, Massachusetts, Connecticut, Pennsylvania and Delaware. Given the rapid expansion in the residential and small commercial markets, the Company also expects to duplicate this model in several additional key states in the coming months.
Ezra Green, CEO of Clear Skies Solar, advised, "We started this subsidiary in order to offer our clients a user-friendly experience in complete solar installation, including the important financing component. We believe Clear Skies Financial will also prove to be a solid asset to our investor base and shareholders as business is driven through facilitated financing. With Clear Skies Financial, the financing process will now be quite painless for our customers and we expect to be installing 30 to 40 homes per month in the next 60 days."
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