BP Solar and Sun Edison team up to create $60 million solar fund

Money will support as many as 25 solar systems in the United States

Sun Edison LLC and BP Solar recently launched SunE Solar Fund I, a $60 million fund to support the installation of as many as 25 solar electric systems in the United States. The systems created under the fund will be supplied by BP Solar as part of the BP Solar Energy Solutions offer and will be installed at facilities owned or leased by national retailers and state entities.

The fund will pay for the upfront capital costs of installing and operating the solar systems, and the qualifying facilities will pay a fixed rate for the electricity generated from the solar system for a 10- to 20-year term.

The fund’s first three projects will be installed this summer atop three Staples facilities in Rialto and Ontario, Calif., and Englewood, N.J. The projects—totaling 680kW—will collectively generate enough electricity to power about 135 homes per year.