KYOCERA Invests in Solar Projects Valued at $38M with U.S. Light Energy Kyocera leverages federal energy investment tax credit; investment designed to increase growth and market penetration
Kyocera announced plans to invest in a tax equity partnership for the development of solar photovoltaic (PV) projects valued at $38 million in New York state, leveraging the 30% federal energy investment tax credit. As part of the investment, Kyocera has also entered into an agreement with U.S. Light Energy (USLE) to utilize high-quality, dependable Kyocera solar modules on all installations. USLE (formerly New York Light Energy) is in the final stages of installing 9.4 megawatts (MWDC) of PV systems, with the expectation that the installations will be completed by June 2014.
'Kyocera's tax equity investment with USLE enables commercial buildings and schools to benefit from environmentally friendly solar power with no up-front investment,' said Steve Hill, president of Kyocera Solar Inc.
Kyocera's solar tax equity investments allow commercial power users to experience immediate cost savings, and to reinvest that money into their businesses, while gaining visibility into their long-term energy costs. USLE's target is to provide a reduction of at least 20 percent in net electricity costs through its Power Purchase Agreements, as compared to conventional grid electricity.
'Since our company began in 2009, we've partnered exclusively with Kyocera because we know the proven reliability and long-term performance record of its solar modules, outperforming the competition after 20 years in the field,' said Alex Lieb, CEO of USLE. 'By leveraging federal tax incentives offered for solar programs, we're able to provide a more competitive price for commercial customers, encouraging more companies to utilize solar and put the savings back into growing their businesses.'
The partnership represents a significant investment in New York with out-of-state funds and has already resulted in the employment of more than 50 people.
Kyocera and USLE maintain high expectations for growth in 2014 in the Northeast region and beyond.
Kyocera is one of the world's leading producers and suppliers of solar photovoltaic modules and systems. With a 38-year history of innovation in solar technology, the company is recognized as an industry pioneer and has set repeated world records in multicrystalline silicon cell efficiency. Kyocera serves thousands of residential and industrial customers in both developed and developing regions, with more than 4 gigawatts of solar collection equipment installed since 1975.
Kyocera Solar, Inc. is headquartered in Scottsdale, Arizona with regional sales affiliates in the Americas and Australia, and solar module manufacturing facilities operated by Kyocera Mexicana, S.A. de C.V. of Tijuana, Mexico.
Kyocera Corporation (NYSE:KYO) (TOKYO:6971), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine (or 'advanced') ceramics. Kyocera specializes in combining these engineered materials with other technologies to create solar power generating systems, printers, copiers, mobile phones, electronic components, semiconductor packages, cutting tools and industrial components. During the year ended March 31, 2013, the company's net sales totaled 1.28 trillion yen (approx. USD13.6 billion).
About US Light Energy, LLC
USLE provides dependable, renewable energy to leading businesses using only the highest quality equipment. USLE's arrays remain the highest performing designs in New York State, when measured on efficiency, outperforming those installed by the Long Island Power Authority and the New York Power Authority. Since 2009, USLE has developed a portfolio of 11.3 MW of solar arrays which it owns and manages, with many more arrays contracted to be installed before year's end.
USLE is located in Latham, New York.
For more information:
U.S. Light Energy
Kyocera Solar Solutions
U.S. and Mexico