Westinghouse Solar has secured US$100 million in funding to offer residential solar loans to homeowners in the US.
The company, a subsidiary of CBD Energy operating in the US, UK and Australia, said the new facility would allow it to boost its presence in America’s residential PV market.
James Greer, senior vice president of Westinghouse Solar, said: “We believe the residential solar business has the potential to experience significant growth as we look to build our footprint in the US into 2015 and the availability of up to US$100 million in financing will ensure that Westinghouse Solar can deliver our products to our customers on a competitive basis.”
So far CBD’s residential PV activity has been largely restricted to Australia, but through Westinghouse, the company has a presence in residential PV in the state of Massachusetts and Florida.
Gerry McGowan, executive chairman of CBD added: “We continue to report solid traction in our US growth strategy and this arrangement with an established finance provider will allow our Westinghouse Solar customers to install and own their own system.
“Upon loan approval, CBD will receive up to 50% of the sales price of a system with the balance paid on installation, which will greatly improve our working capital position.”
Last year a proposed merger between CBD and Westinghouse Solar collapsed, but CBD has since agreed a worldwide licence to use the Westinghouse Solar brand.
CBD did not disclose the third-party financing sources or note what PV modules would be offered and from what country of origin.
CBD Energy had only established a small module assembly plant in Australia in 2013.
Additional reporting by Mark Osborne, senior news editor, PV Tech