News Article
Upsolar Partners With Solstyce To Power Heritage Buildings In France
Upsolar, a provider of solar PV modules, has unveiled a new achievement demonstrating its project financing capabilities for customers across Europe. Through a joint venture called Novengo, Upsolar and France-based EPC Solstyce developed a total of 10 rooftop installations - 3 on media institutions near Paris and 7 on high schools in Charente, France.
The project was developed in support of a local initiative to incorporate renewable energy into heritage buildings in the region. Michel Boutant, Charente Senator and President of Charente General Council, joined executives from Upsolar and Solstyce for a commissioning ceremony at Alfred Renoleau High School in the town of Mansle earlier this month.
"These solar PV systems not only provide the region with 70 percent of the schools' electricity needs through clean power, they also allow the students to experience first hand the importance of renewable energy to their everyday lives," said Guillaume David, President of Solstyce. "Upsolar's assistance provided the critical final step in our quest to bring this portion of our pipeline to life, and we're grateful for this opportunity to advance our business with high-quality and environmentally friendly modules."
As demonstrated through the joint venture, Upsolar's project development team now offers an alternative funding source for permitted late-stage solar projects with equity needs. Teaming with engineering, procurement and construction (EPC) firms and installers, Upsolar completes installations with company equity and also serves as the module provider for each PV system.
"A number of renewable energy projects have unfortunately become early casualties of this financial crisis. With our project finance offering, we hope to alleviate some of these funding challenges," said Zhe Jiang, CEO of Upsolar. "We look forward to establishing additional partnerships and doing our part to ensure the solar market continues to grow despite a challenging economic landscape."
