Ulupono Initiative, Solarcity Partner To Invest $15 Million To Finance Local Solar Power Projects
HONOLULU – Ulupono Initiative, a for-profit impact investment firm, is investing a total of $15 million over the next year to finance SolarCity solar power projects in Hawai‘i. The partnership is expected to increase Hawaii’s solar power generation by approximately five percent, and can be expanded over time.
“Ulupono is investing in this partnership with SolarCity to bring affordable solar power to local customers that can help them manage their rising utility bills,” said Kyle Datta, general partner of Ulupono Initiative. “We see SolarCity as a strong, nationally-recognized partner with a world-class supply chain that is committed to hiring locally, and is well-positioned to help further our work to decrease Hawai‘i’s dependence on outside sources for the state’s energy needs.”
“We’re truly excited about this collaboration, which will provide local financing to help customers in Hawai’i protect themselves from rising electricity costs through clean, homegrown energy provided by SolarCity's local workforce,” added Jon Yoshimura, director of government affairs for SolarCity. “Solar makes sense in Hawai’i and the partnerships with Ulupono Initiative will make it more affordable and accessible.”
“As we work to accelerate renewable energy in Hawai‘i, we’re identifying ways to use available incentives to help attract more institutional capital to innovative projects like these,” said Murray Clay, managing director of Ulupono Initiative. “Our hope is that this will catalyze others to replicate this structure. We believe this can expand solar development in Hawai‘i to increase renewable power generation to help meet the State’s energy goals.”
About Ulupono Initiative
Ulupono Initiative LLC is a for-profit impact investment firm that strives to improve the quality of life for the people of Hawai‘i by working toward solutions that create more locally grown food, increase clean renewable energy production and reduce waste. For more information about Ulupono Initiative, please visit www.uluponoinitiative.com.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every three minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.