WASHINGTON, DC — (Marketwire) — 08/08/11 — LLC (D-SUN), a DC-based, commercial project developer, distributed power-producer and Solar Energy Investment Company (SEIC) manager, announced today that its , following initial investment capital calls during Q1 of 2010. sunONE commissioned on-site, commercial solar facilities in Delaware, Maryland, New Jersey and Pennsylvania commercial, industrial, and hotel properties — including the Hilton at BWI Airport.
“The management team at Distributed Sun has accomplished what few solar companies have,” says Jigar Shah, Distributed Sun and sunONE investor, SunEdison founder, and Carbon War Room CEO. “They raised capital in about 10 weeks, captured site control in multiple states in even less time, built below their cost plan, delivered output above forecasts, and returned all of our equity investments exactly when they said they would. And, they did this while pioneering new innovations in solar market and investment models.”
D-SUN has demonstrated a solid performance track-record in sunONE. Installed costs were lower by 14.5%, and operating expenses reduced by 5.3%, against its finance approved plan. As a result of these project execution successes, D-SUN installed 23% additional capacity with no increase to the portfolio construction budget.
Further to cost management outperformance, sunONE systems are generating solar electricity well above estimates across the portfolio. Says Cal Simmons, author, investor and serially successful business founder, “I–ve invested in dozens of companies over the years, and can count on one hand with room to spare the number of times a team has delivered exactly as promised across all performance criteria. Distributed Sun is at the front of that count.”
“We said at formation our first year of operations would be the résumé that drives our reputation and next stage of growth, and we stand by it,” offers Chase Weir, CEO of Distributed Sun.
D-SUN is currently constructing sunTWO facilities, including the 1.1 MW solar canopy at the Sheraton Meadowlands Hotel and Conference Center, and has secured multi-MW site control and solar power-purchase-agreements in several Mid-Atlantic states. The company plans to announce its sunTHREE finance structure and details of its newly formed Distributed Solar Network this Fall.
Thomas Polzin
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