Recurrent CEO Arno Harris tells GlobeSt.com the partnership isin the form of a new fund that Recurrent is managing and MorganStanley is capitalizing. Recurrent is in the midst of negotiatinglong-term, multi-building lease agreements with REITs and pensionfunds and, with the tenants of their buildings, power purchaseagreements.
"There's been no incentive for institutional property owners toput solar arrays on their buildings because they don't pay for it,it's a pass through to tenants," a source familiar with thepartnership tells GlobeSt.com. With this new business model, hesays, building owners gain rental revenue and a green feature withno out-of-pocket expense, tenants get "green" power at or belowtheir current utility rate and Recurrent gets to sell the power itsrooftop equipment generates.
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