NEW YORK, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Sunstone Credit, Inc., a commercial solar loan platform that helps businesses switch to clean energy, today announced it has financed a $5 million, 2.8 megawatt (MW) project portfolio for King Energy, an energy solutions provider for commercial multi-tenant properties. The project financed the installation of solar systems that serve 60 tenants across seven retail shopping centers, a majority of which are located in low and medium-income communities.
The $5 million financing provided by Sunstone Credit enabled King Energy to provide low-cost renewable energy to tenants ranging from national chains to locally owned businesses, including salons, restaurants, and coffee shops.
Solar energy offers businesses a resilient power source and cost savings while also supporting sustainability goals, but financing commercial solar projects is often a challenge. Sunstone Credit removes these financing challenges, allowing businesses to go solar without the burden of upfront costs.
“This project is unique because it makes solar energy accessible to businesses that might not be able to afford it otherwise,” said Josh Goldberg, Sunstone Credit Co-Founder and CEO. “Our financing, coupled with King Energy’s ability to offer property owners and their tenants discounted solar energy services and consolidated payments, democratizes access to solar while driving a clean, green future for all.”
King Energy uses virtual net metering to optimize power sales across all tenants. Their proprietary software, King Energy OneBill, consolidates utility and solar energy payments into a single, seamless transaction. This system simplifies billing and incentivizes tenants to join the solar program by offering discounted solar energy services, further enhancing solar’s appeal.
“Making solar simple and financially beneficial for our customers is our main goal,” said John Witchel, CEO of King Energy. “Working with Sunstone to finance this project helped us implement solar quickly, accelerating cost savings and renewable energy benefits almost immediately.”
The King Energy project spans seven retail shopping centers in California, including locations in Reedley, Stockton, San Mateo, Bakersfield, and Half Moon Bay. The solar installations will produce between 20 to 80 percent of the energy needs at each location.
For more information, please visit SunstoneCredit.com.
About Sunstone Credit
Sunstone Credit is on a mission to democratize access to solar for businesses of all sizes. Sitting at the intersection of climate, finance, and technology, Sunstone has built a best-in-class technology platform and partnered with leading financial institutions and a national network of solar developers to provide business borrowers access to simple, affordable, and easy-to-understand solar loan products with flexible terms and a streamlined application process. When commercial customers go solar using Sunstone’s products, they save money and reduce their carbon footprint, driving a clean, green future for all. Learn more at sunstonecredit.com.
About King Energy
King Energy manages over 170 energy programs at multi-tenant commercial properties, serving more than 20 million square feet of tenant space. Their vision is to bring solar to every commercial rooftop by providing clear financial value to both property owners and their tenants. With their innovative OneBill software platform, King Energy optimizes the allocation and billing of energy to a commercial property's tenants. By combining OneBill with project financing, solar program installation, and long-term management, King Energy serves as a single source solar partner that adds material financial value to commercial properties. This turnkey approach allows businesses to easily adopt clean energy, reducing both operational costs and carbon footprints without the upfront expenses or complexities typically associated with solar power. King Energy is committed to making solar energy accessible, reliable, and profitable for all stakeholders, paving the way for a more sustainable future. Discover how King Energy is transforming commercial rooftops into valuable energy assets at kingenergy.com.
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