PETALUMA -- Enphase Energy Inc. announced today that its microinverter technology will power 4.5 megawatts of solar projects developed and operated by Main Street Power, a national solar developer, and financed by Morgan Stanley.
The projects will be installed across approximately 36 sites, with system sizes ranging from 30kW to more than 300kW and sold by Main Street to the San Diego Unified School District through a 20-year power purchase agreement. Morgan Stanley will provide the financing for the projects, enabling the school district to immediately begin saving on energy costs.
"We included Enphase in our proposal because it offered substantial cost savings in system design, operation and maintenance, while also increasing energy harvest and system reliability," said Eric Hinckley, senior vice president of Main Street Power. "In addition, the Enphase Microinverters eliminated the need for a pad-mounted central inverter and high-voltage DC wiring, which improves safety and security for the schools."
Enphase Microinverters are installed directly under solar modules on the rooftop, so they do not require vulnerable ground-based equipment.
"We have been working with Enphase for more than a year, gaining insight into the company's technology, operations and capital structure," said Martin Mobley, vice president of Morgan Stanley & Co. Incorporated. "We are impressed with the performance and reliability that Enphase provides commercial solar systems."
Founded in 2006, Enphase has raised about $44 million in venture capital. The company employs 55 in its Petaluma headquarters. Based in Northern California, the company is led by veterans from the solar and high-tech industries and backed by industry leaders.