US residential installer Astrum Solar will receive a US$100 million in financing from private equity firm Hudson Clean Energy, aimed at lowering PV system costs for its customers.
The two companies announced a partnership deal earlier this week, which will be used in Astrum’s business across the USA. Astrum claims the deal will allow it to accelerate “its mission of spreading solar power to residential rooftops”. Further details have not been released however. Josh Goldberg, executive vice-president of Astrum said his company was excited by the “validation” the partnership provided, describing Hudson as “a valuable partner with an exceptional understanding of solar finance”.
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Headquartered in Maryland, the majority of Astrum Solar’s offices and customers are based on the east coast of the US, although the company also has offices in California and Arizona. In total, there are Astrum regional offices in 13 states. The company offers both leasing and purchase options and uses Enphase microinverters on all its installations.
Hudson Clean Energy, as suggested by the name, focuses solely on the areas of renewable energy, energy efficiency, storage and alternative fuels. On its launch in 2007, the company held over US$1 billion in equity. In September last year, Hudson launched a fund worth US$150 million to invest in solar infrastructure projects. The Hudson Solar Infrastructure Program (HSIP), as it is known, provides financing for project construction costs as well as providing long-term equity.