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September 18, 2012

Ulupono Initiative, SolarCity Partner To Invest $15 Million To Finance Local Solar Power Projects

Categories: Press Release | Energy

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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 Hawaii. 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 Hawaii 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 Hawaii and the partnerships with Ulupono Initiative will make it more affordable and accessible.”

“As we work to accelerate renewable energy in Hawaii, 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 Hawaii 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 Hawaii 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.ulupono.com.

About SolarCity Hawaii

SolarCity® provides Hawaii homeowners, business and government organizations cleaner, more affordable alternatives to their utility bills from its local operations center in Mililani. The company makes it simple for customers to lock in lower, long-term rates for clean energy by providing everything from permitting and installation to ongoing monitoring and maintenance. Additional information about the company’s operations in Hawaii is available on the Web at www.solarcity.com/states/hi/hawaii.aspx