Sun Edison LLC this week launched "SunE Solar Fund I", a $60 million fund to support the installation of up to 25 solar electric systems in the United States. The systems will be supplied by BP Solar as part of the BP Solar Energy Solutions offer and will be installed at facilities owned or leased by national retailers and state entities.

According to Mary Shields, president of BP Solar North America, "Part of our strategy to bring solar into the mainstream is to work with the large commercial market. The SunE Solar Fund gets us in front of this market allowing us to provide a clean energy source that competes with traditional utility power."

The first three projects utilizing the fund will be installed this summer on three Staples facilities in Rialto, and Ontario California and Englewood, New Jersey. At a total of 680 kilowatts, these three systems will collectively generate about enough electricity to power 135 homes per year.

The fund will pay for the upfront capital costs of installing and operating the solar systems for companies and municipalities that qualify for the fund. Such entities pay only a fixed, often below-market, rate for the electricity generated from the solar system for a 10 to 20 year term.

BP Solar Energy Solutions includes the solar system hardware and support products that ensure the systems are easily operated and monitored. BP Solar's use of proven system designs and materials along with their 25-year product warranty gives them the ability to guarantee the energy output of the solar system making possible the offer of a fixed energy price to the end customer.

6/12/2005