American Solar Direct Holdings Inc. (ASDHI), the parent company of solar energy lease provider American Solar Direct (ASD), announced recently that it has secured $5 million in additional equity investment.Existing American Solar Direct institutional investor WGL Holdings, Inc., together with other existing investors and new investors, all participated in the latest round of financing. WGL Holdings' support of ASDHI began in 2010 with a $50 million tax equity partnership and a $5 million equity investment.
American Solar Direct continues a rapid expansion in the California residential solar market as homeowners discover the ease and affordability of a one-stop solution to reduce the burden of rising electricity bills."Homeowners are realizing the benefits of securing a long-term fixed rate for their energy needs by harnessing the power of the sun," said Ravi Thuraisingham, the company's President and Chief Financial Officer. "The biggest incentive for homeowners to choose solar is what we offer at American Solar Direct -- a worry-free solution with little or no upfront cost."
ASD is a unique provider in the residential solar market field because it offers guaranteed fixed-rate financing that does not increase with inflation or utility prices and can reduce a homeowner's overall energy costs. American Solar Direct covers all costs -- such as panels, permits and installation -- as well as maintenance and warranty service. The popularity of ASD's services has led to recent openings of additional offices and operation centers in Northern California and San Diego.
"We are very pleased to have the support of WGL Holdings as we continue our growth," said CEO Brennan Mulcahy. "With their ongoing commitment, as well as their energy industry expertise and leadership, we are able to continue to meet the demand of homeowners in California for our distinctive offering."