CIM Group Expands Solar Infrastructure Portfolio With Investment in Ecoppia - Becomes Largest Shareholder
LOS ANGELES--CIM Group announced today that it has invested in Ecoppia Scientific, Ltd (“Ecoppia”), a privately-held, Israeli-based manufacturer, installer, and operator of robotic cleaning solutions for utility-scale solar projects across the globe, becoming the company’s largest shareholder.
Ecoppia's fully autonomous robotic solutions have been deployed in more than 2.2- gigawatts of solar projects and have been field-proven to keep solar panels at a year-round peak performance, while minimizing operational and maintenance costs. These products eliminate the need for water and labor and additionally are independently powered by the product’s own solar panel. The robotic solutions can be used daily, substantially increasing production output compared to manual cleaning, making Ecoppia’s products ideal for solar developers operating in dusty and water-scarce environments. Ecoppia is the only fully-automated cleaning solution that has been approved by multiple global financial institutions including the International Finance Corporation, Bank Leumi, and Discount Bank.
“As the global demand for renewable energy grows and utility-scale solar projects are being developed to provide reliable and sustainable power, Ecoppia’s novel cleaning technology offers an eco-friendly long-term solution to improve solar production,” said Avi Shemesh, Principal and Co-founder of CIM Group. “Ecoppia’s fully automated robotic solutions further contribute to the sustainability of natural resources, expanding CIM’s ESG investing initiatives.”
CIM’s experience in utility-scale solar development spans more than 10 years when CIM acquired SkyPower and its portfolio of solar assets, which at the time were projects in Canada amounting to 500-megawatts of potential solar power generation capacity. Today, SkyPower is one of the largest solar developers in the world, with more than 2,500-megawatts of projects world-wide.
Earlier this year, CIM announced that it was commencing the first phase of development of Westlands Solar Park (“WSP”), one of the largest permitted solar parks in the world that could grow to more than 2,700-megawatts (2.7 gigawatts) of renewable energy at full buildout. The master-planned energy park encompasses more than 20,000 acres in California’s San Joaquin Valley in western Fresno and Kings Counties and is designed to open in phases to meet the needs of public and private utilities and other energy consumers. The first phase of WSP, Aquamarine, a 250-megawatt solar photovoltaic project, obtained all entitlement and conditional use approvals following a full environmental impact review.
Since its inception in 1994, CIM has focused on investing in real estate and infrastructure projects located in or serving densely-populated communities throughout the Americas, and is committed to investing in sustainable assets. CIM is an UNPRI signatory and its infrastructure projects have been recognized for sustainability by the California Organized Investment Network (COIN), a division of the California Department of Insurance.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com
With over 17GW of secured projects, Ecoppia is a pioneer and world leader in robotic solutions for photovoltaic solar. Ecoppia’s cloud-based, water-free, autonomous robotic systems remove dust from solar panels on a daily basis leveraging advanced machine learning and IoT capabilities. Remotely managed and controlled, the Ecoppia platform allows solar sites to maintain peak performance with minimal costs and human intervention. Ecoppia’s proprietary algorithms and robotic solutions make day-to-day O&M at solar sites safer, more efficient and more reliable. Privately-held and backed by prominent and experienced international investment funds, Ecoppia works with the largest energy companies globally, cleaning millions of solar panels every day. For more information, please visit www.ecoppia.com