Jan 12 2015
Protection 1, the largest full-service business and home security company in the U.S., today announced its sister company, Brite Energy, has created a new residential solar program with MySolar IX, LLC, which is co-owned by MS Solar Investments LLC, an indirect, wholly-owned subsidiary of Morgan Stanley, and Main Street Power Company, Inc., a North American solar developer and owner/operator.
“MySolar has been a leading investor in the solar industry, and we are excited about partnering with such an established solar platform,” said Jimmy Chuang, Chief Structured Finance Officer for Brite Energy. “With this new relationship, Brite has raised more than $250 million in financing, and we are expected to double this amount in 2015 to support the company’s growth trajectory.”
The investment program will initially finance approximately up to $200 million in residential solar projects in multiple states across the U.S. With the addition of this new investment program, Brite Energy has expanded its funding platform and can provide thousands of new and existing customers with the opportunity to secure clean energy at lower costs than they currently pay for utility power with no upfront payment.
“We are proud to partner with Brite Energy and play a role in making solar energy an affordable, alternate power source for more consumers across the country,” said Woody Rubin, Senior Vice President of Main Street Power, which is the managing member of MySolar.
Brite Energy was formed in June of 2014 with backing from Protection 1 and GTCR, a leading Chicago based private equity fund. In September 2014, Brite Energy launched its first market in San Diego, Calif. and currently has six active offices located in multiple U.S. states. Brite Energy plans to execute a phased, market by market launch strategy allowing the company to scale quickly while delivering the industry-leading customer experience Protection 1 has delivered over its 26-year operating history.
"Leveraging the customer centric capabilities of Protection 1, we have created the ultimate customer acquisition experience for our Brite customers,” said Jared Chappell, Chief Revenue Officer for Brite Energy. “We look forward to accelerating our customer acquisition in 2015 through our innovative, solar energy made-easy platform."
About Protection 1
Protection 1, the largest full service business and home security company in the U.S., provides installation, maintenance, and monitoring of single-family home security systems, business security systems and multifamily security systems. Protection 1 serves nearly 2 million customers and employs over 3,500 people in more than 70 office locations and five UL Certified monitoring centers across the country. The company has a 97.3% customer satisfaction rating and an A+ Better Business Bureau Rating. In keeping with the company’s unwavering focus on customer service, the automated phone attendant has been removed, allowing customers to interact immediately with customer care personnel. In addition, Protection 1 has introduced its Tech Tracker notification service as well as a same-day service policy.
In addition, Protection 1 offers network management services through its Network Operations Center and is the only company in the security industry to hold Cisco Cloud and Managed Services Express Partner Certification.
Since 2012, the company has been recognized by leading industry publications SDM Magazine and Security Sales and Integration as Dealer of the Year and Installer of the Year respectively for the company’s commitment to its customers, the industry and the communities it serves. For more information about Protection 1, visit Protection1.com.
About MS Solar Investments LLC
MS Solar Investments LLC (MSSI) is an indirect wholly owned subsidiary of Morgan Stanley (NYSE: MS), one of the world’s leading financial institutions. MSSI focuses on making equity investments in companies that own, directly or indirectly, solar photovoltaic PV projects.
About Main Street Power Company, Inc.
Main Street Power Company, Inc. is a developer, owner and operator of distributed generation solar projects. The company works with EPC providers and financiers to structure complete turnkey solutions with no upfront capital outlay for schools, municipalities, universities, corporations and nonprofit entities. Services include power purchase agreements, leases and other innovative financing solutions. Through our ongoing business relationship with MSSI and its affiliates, Main Street has developed and closed financing on over 80 MWs of distributed generation solar projects across North America.