Sunstone Credit, a commercial solar loan platform that helps businesses switch to clean energy, announced it has financed a $5 million, 2.8-MW project portfolio for King Energy, an energy solutions provider for commercial multi-tenant properties. The project financed the installation of solar systems that serve 60 tenants across seven retail shopping centers, a majority of which are located in low- and medium-income communities.
The $5 million financing provided by Sunstone Credit enabled King Energy to provide low-cost renewable energy to tenants ranging from national chains to locally owned businesses, including salons, restaurants and coffee shops.
“This project is unique because it makes solar energy accessible to businesses that might not be able to afford it otherwise,” said Josh Goldberg, Sunstone Credit co-founder and CEO. “Our financing, coupled with King Energy’s ability to offer property owners and their tenants discounted solar energy services and consolidated payments, democratizes access to solar while driving a clean, green future for all.”
King Energy uses virtual net metering to optimize power sales across all tenants. Their proprietary software, King Energy OneBill, consolidates utility and solar energy payments into a single, seamless transaction. This system simplifies billing and incentivizes tenants to join the solar program by offering discounted solar energy services, further enhancing solar’s appeal.
“Making solar simple and financially beneficial for our customers is our main goal,” said John Witchel, CEO of King Energy. “Working with Sunstone to finance this project helped us implement solar quickly, accelerating cost savings and renewable energy benefits almost immediately.”
The King Energy project spans seven retail shopping centers in California, including locations in Reedley, Stockton, San Mateo, Bakersfield, and Half Moon Bay. The solar installations will produce between 20 to 80% of the energy needs at each location.
News item from Sunstone Credit
