Published on October 6th, 2014 | by James Ayre0
Westinghouse Solar Secures $100 Million In New Financing, With Aim To Expand Residential PV Offers
October 6th, 2014 by James Ayre
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