November 14, 2011
WASHINGTON, DC Sol Systems and Cooley LLP announced today a strategic collaboration to provide developers and investors in the solar energy space with a robust suite of legal E-Documents and critical consulting resources. Together, Cooley and Sol Systems will play a pivotal role in helping streamline solar development on the SolMarket platform launched in September by Sol Systems.
"We believe the Cooley team shares an overall vision that driving efficiencies into the solar space benefits us all by fundamentally increasing the size of the industry in a drive towards cost competitiveness." -Yuri Horwitz, Sol Systems CEO
SolMarket, a new financing platform, will catalyze investment in solar energy projects nationwide by transforming how solar projects are financed. To facilitate cost-effective and efficient matching of investors and solar developers, SolMarket provides investors and developers with the tools they need to efficiently originate, evaluate, finance, and construct renewable energy projects — including a uniform origination platform, a document library, modeling software, and a standardized document suite.
Through their collaboration, Cooley and Sol Systems have developed for SolMarket members a suite of online legal documents that includes templates for power purchase agreements, engineering, procurement and construction agreements, operation and maintenance agreements, and others available to SolMarket members at no charge.
“We are excited to be working with Cooley, one of the leading law firms in the country with a deep commitment to clean energy and technology companies and investors. They are one of the most forward-looking teams of attorneys in the solar space, as I think this relationship demonstrates,” said Yuri Horwitz, CEO at Sol Systems. “We believe the Cooley team shares an overall vision that driving efficiencies into the solar space benefits us all by fundamentally increasing the size of the industry in a drive towards cost competitiveness. We are proud to be collaborating with Cooley.”
“The Cooley team has been an active advisor to the solar space for the last decade, and we are committed to seeing this industry grow, and growing with it,” said Tom Amis, co-chair of Cooley’s Clean Energy and Technologies practice. “Our suite of legal documents provides the necessary foundation to help developers and investors efficiently originate, evaluate, finance and construct renewable energy projects. We share in the vision of SolMarket, and believe that the solar community must continue to push transaction costs down as it matures in order to attract additional investor dollars. We aim to be part of that solution.”
Cooley and Sol Systems will jointly host a solar development and financing webinar series for the SolMarket community during the upcoming months. Cooley clean energy attorneys will also be available for consultation with solar developers on the platform. For more details and webinar announcements, please visit us at www.solmarket.com.
About Cooley LLP
Cooley’s 650 attorneys have an entrepreneurial spirit and deep, substantive experience, and are committed to solving clients’ most challenging legal matters. From small companies with big ideas to international enterprises with diverse legal needs, Cooley has the breadth of legal resources to enable companies of all sizes to seize opportunities in today’s global marketplace. The firm represents clients across a broad array of dynamic industry sectors, including technology, life sciences, venture capital, clean energy, real estate and retail.
Attorneys in the firm’s Clean Energy & Technologies Practice have extensive experience in the project development and financing of conventional energy projects, beginning with domestic cogeneration power projects in the 1980s and continuing with emerging market IPPs and merchant power project development in the 1990s. For the past decade, the firm’s project development and finance capabilities have been focused on the renewable energy sector. Cooley now has one of the nation’s leading clean energy practices with strengths in wind (onshore and offshore), solar, biomass, biofuels, and waste to energy.
SolMarket is a transaction-driven ecosystem for the solar industry that catalyzes investment in solar energy by transforming how solar projects are financed. SolMarket provides investors and developers with the tools they need to efficiently originate, evaluate, finance, and construct renewable energy projects. SolMarket has over $600 million in committed partnership funds seeking qualified solar projects and hundreds of users from the solar community. SolMarket is a wholly owned subsidiary of Sol Systems.
About Sol Systems
Sol Systems is a Washington D.C. based solar finance firm, and the largest solar renewable energy credit (SREC) aggregator in the nation. Through its SREC offerings, it has promoted the development of the solar market by providing long-term financing options for SRECs, facilitating over $100 million in solar development.
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