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Creation of financial risk assessment methodology will accelerate solar deployment
DENVER, June 26, 2014 /PRNewswire/ -- In an effort to accelerate the financing of solar energy projects, more than 20 market-leading companies have committed to support the adoption of truSolar, the industry's first, uniform risk assessment methodology governed by an accreditation body. The truSolar initiative was announced as a Clinton Global Initiative (CGI) Commitment to Action at the 2014 CGI America meeting.
"truSolar is a voluntary, industry-led effort that believes widely adopted, standardized screening and risk scoring practices will be key to helping US solar investments reach $1 trillion by 2030," said Chase Weir, CEO of Distributed Sun and co-founder of truSolar.
A working group, formed in 2013, developed truSolar, a uniform risk screen for non-residential solar development and finance. The group is comprised of leaders in solar project asset management, development, engineering, construction, finance, legal, manufacturing, insurance and ratings.
"This is about making a big impact," said Jules Kortenhorst, CEO of Rocky Mountain Institute and a founding member of truSolar. "truSolar offers enormous potential to promote savings, growth and education for commercial solar installations. When capital markets have a reliable approach to accurately predict performance and reliably forecast default rates for solar systems, American businesses will invest in greater numbers in commercial solar – lowering their energy costs and reaping the benefits of cleaner, more resilient power sources."
The industry gains from deal cost efficiencies that follow with truSolar standardization could be worth more than $500 million a year by 2018, said Weir. Eliminating friction in the diligence and closing process can unlock billions of dollars of savings and drive a groundswell of new commercial installations in the US and globally.
Companies and organizations that have contributed support to the truSolar effort to-date include ABB, ABM, Assurant, Booz Allen Hamilton, Cadmus, Distributed Sun, DuPont PV Solutions, Mosaic, PanelClaw, Private Securities Market, the Rocky Mountain Institute, SMA America, UL (Underwriters Laboratories), U.S. National Labs NREL and Sandia, and Wilson Sonsini Goodrich & Rosati, and many others. Additionally, during the Modern Grid working group sessions at CGI America this week, 100% of the individuals and firms that participated in the "accelerating commercial solar deployments with standards" discussion agreed to support the truSolar initiative.
As part of its CGI Commitment to Action, truSolar will enlist the support from at least 20 leading companies during the summer of 2014, and more than 100 organizations over the next 18-24 months.
"The goals and principles President Bill Clinton established for CGI America are strikingly similar to the goals and principles that drive truSolar," said Weir. "This program fosters business and finance innovation within the solar industry, unlocks clean energy deployments at scale, supports sustainable economic growth, and creates a framework for workforce development as we help our industry mature more quickly."
The truSolar® Working Group is a consortium of leading solar market participants which exists to establish uniform risk screening standards for commercial and industrial PV projects and, in turn, drive down costs and scale up non-residential solar installations. The truSolar® risk screen will provide a comprehensive assessment of risks – including system, counterparties, credit, regulatory and performance, and will be offered as an accessible and industry-established standard for adoption by stakeholders at all stages of the project lifecycle and industry value chain. To learn more, visit trusolarscore.com/
ABOUT Clinton Global Initiative America
The Clinton Global Initiative America (CGI America), a program of the Clinton Global Initiative, addresses economic recovery in the United States. Established in June 2011 by President Bill Clinton, CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made over 300 commitments valued at more than $15 billion when fully funded and implemented. To learn more, visit cgiamerica.org.
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI), an initiative of the Bill, Hillary & Chelsea Clinton Foundation, convenes global leaders year-round and at its Annual Meeting to create and implement solutions to the world's most pressing challenges. CGI also convenes CGI University, which brings together undergraduate and graduate students to address pressing challenges in their communities and around the world. To date, members of the CGI community have made more than 2,800 Commitments to Action, which are already improving the lives of more than 430 million people in over 180 countries. When fully funded and implemented, these commitments will be valued at $103 billion. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.
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