Capstone Turbine Corp. will receive up to $150 million from an Asian solar park developer to give financial assistance in deploying Capstone’s microturbines.
The Chatsworth company will receive the money from Sky Solar Holdings Ltd., in Hong Kong, and its subsidiary Sky Capital America Inc., in Short Hills, N.J., for its Capstone Energy Finance joint venture.
Sky Solar will provide an initial $50 million for Capstone to use in supplying its natural gas-powered microtubines to customers who many not be able to afford them. Sky Solar at its discretion may provide an additional $100 million. Capstone will receive the money after using up its own internal funding of $25 million.
Capstone Energy Finance was launched last year as a joint venture between Capstone and high net worth individuals providing the financing. The venture installs, owns and maintains the microturbines and charges the customer just for the energy they use through a power purchase agreement.
Capstone Chief Executive Darren Jamison said the company went with Sky Solar for its skill set, ability and global reach to grow the Capstone Energy Finance business.
“Capstone’s new finance subsidiary has developed a $20 million pipeline of well-qualified projects since its launch last December, and we expect to quickly surpass our ability to fund projects with our internal resources,” Jamison said in a prepared statement.
The financing arrangement was announced Thursday. Shares closed Friday down 3 cents, or more than 2 percent, to $1.42 on the Nasdaq.