CHARLOTTE, N.C. – February 6, 2024 – ClearGen LLC, a prominent provider of flexible capital to development partners in the clean energy sector, and King Energy, an innovative leader in delivering commercial-scale solar energy solutions for multi-tenant properties, are pleased to announce an industry-leading collaboration. In this transformative partnership, ClearGen has committed over $150 million to fund King Energy’s ongoing solar projects.
The business model resulting from this collaboration means a new revenue stream for property owners and delivers cost savings crucial to the local economy. Real estate owners receive rent for their rooftops, while tenants enjoy clean, discounted power.
Unlocking Solar Potential: A Win-Win Collaboration
King Energy’s proven business model brings benefits to all stakeholders. Real estate owners receive rent for their rooftops, while tenants and common areas enjoy clean power at discounted rates. Leveraging ClearGen’ s partnership, King Energy’s projects eliminate the need for upfront funding from property owners or tenants. Utilizing King Energy’s proprietary billing software, OneBill, the benefit of solar energy is provided to tenants, often small business owners, at significant cost savings. This unique model not only generates a new revenue stream for property owners, enhancing long-term property value, but also delivers cost savings crucial to the local economy. King Energy’s commitment to provide sustainable, locally generated energy contributes to environmental conservation and economic vitality.
Strategic Advancements in Renewable Energy: ClearGen’s Vision
ClearGen views this collaboration as a strategic move to advance its presence in the renewable energy sector. Rob Howard, CEO of ClearGen, remarked, “At ClearGen, we are more than financiers; we are catalysts for growth. Empowering partners with efficient capital to source new customers and aggressively grow their business is our goal. King Energy’s ability to overcome historical challenges in multi-tenant assets showcases their market leadership. We are grateful to John and the King Energy team for choosing ClearGen as their financing partner.”
John Witchel, Founder of King Energy, on the Power of Partnership
Expressing enthusiasm about the collaboration, John Witchel, Founder of King Energy, stated, “ClearGen is a leader in this space. This partnership will fuel our growth and set the standard for multi-tenant commercial renewable financing. This is a huge win for the property owners and tenants we serve.”
A Pivotal Moment for Sustainable Energy Solutions
This joint collaboration marks a pivotal moment in both companies’ commitment to advancing sustainable energy solutions. ClearGen remains dedicated to its role as a driving force in the clean energy sector, ushering in a future of innovation, growth, and environmental stewardship.
About King Energy
King Energy manages over 125 energy programs at multi-tenant commercial properties, serving more than 10 million square feet of tenant space. Their vision is to see solar on every commercial rooftop, ensuring that property owners and tenants reap financial benefits.
About ClearGen
ClearGen LLC, a portfolio company of Blackstone Credit & Insurance, is a leading provider of flexible project financing solutions to developers in the clean energy sector. Presently, ClearGen owns a diverse and growing portfolio of investments that involves nearly 200 operating assets across the United States. Our mission is to enable energy users’ transition to more efficient and lower cost outcomes by being the nexus of innovation and scale capital.