Chinese module manufacturer ET Solar has been loaned A$20 million (US$16.2 million) for its push in the Australian commercial rooftop market.
The debt provided by the Australian Clean Energy Finance Corporation (CEFC) will be used to fund ET Solar’s power purchase agreement (PPA) model.
ET Solar will own and operate systems between 30kW and 2MW with the roof owner agreeing to purchase the electricity from the array. Rates were not revealed but ET Solar has claimed it will be provided below market rates.
“With this investment through the CEFC, the rollout of ET Solar’s PPA model will help large energy consumers in industries like mining, shopping centres and manufacturing to significantly reduce their electricity costs,” said Dennis She, CEO, ET Solar Group.
“As a tier one solar company with a strong R&D team based in Germany, ET Solar ensures the highest standard of PV systems, and we will be using top quality local distributors and accredited installers to deliver solutions for all types of businesses in Australia,” he claimed.
ET Solar is providing A$13.3 million (US$10.8 million) of equity to finance the scheme.
Sam Khalil, head of operations and business development, ET Solar Australia said: “Our first PV systems installed through this programme will involve large-scale commercial projects in Queensland, the Northern Territory, South Australia and New South Wales, with a rollout to all states around Australia.
“We currently have a commercial-scale carport structure solar project underway in Queensland which will incorporate solar energy into a shopping centre carpark, with similar construction planned in other states,” he added.
In July 2014, CEFC provided A$120 million for rooftop PV schemes by SunEdison, Tindo Solar and Kudos Solar.