Westinghouse Solar is looking to move up in the world — based on some of its recent moves. The residential solar PV system provider has, reportedly, secured around $100 million in new funding, with the intention to expand its presence in the American market.
This expansion presumably refers to the expansion of residential solar loans offered to homeowners in the US, amongst other things — allowing the subsidiary of CBD Energy to “boost” its presence in the market.
On that note, Westinghouse Solar’s senior Vice President, James Greer, had this to say: “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.”
Until recently CBD’s residential PV activity had been more or less limited to the Australian market, but now, through Westinghouse, the company has established a notable presence in the markets of Florida and Massachusetts — with potential growth within reach in other states.
The executive chairman of CBD, Gerry McGowan, stated: “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.”
The recent events follow on last year’s failed attempt at a merger between CBD and Westinghouse Solar. Since that event, though, CBD has come to an agreement to use the Westinghouse Solar brand — hence, their current arrangements.
As of the time of this writing, the third-party financing source or sources have not been disclosed.
Image Credit: Westinghouse Solar
I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.