Reporter- Denver Business Journal
RGS Energy, formerly known as Real Goods Solar Inc., announced Tuesday it is forming a new joint venture to develop, finance and manage up to $150 million worth of commercial solar projects.
The Louisville-based solar power company said it is partnering with Altus Power America Management, based in Old Greenwich, Conn. The name of the joint venture is RGS Energy Asset Management LLC.
The joint venture will offer power purchase agreements and other financial solutions to customers. The two companies said they expect the first fully financed projects to be operational in the second quarter of 2014.
The move allows RGS to get into the ownership side of the solar power industry, in addition to its existing arena of work that includes engineering and installing solar power systems.
Kam Mofid, RGS Energy’s CEO, said the new joint venture, “provides us the future flexibility to deploy our own capital through the joint venture, at the amount of our choosing, as we extend into the energy asset ownership domain.”
The company said it planned to use the money, should the securities be sold, for general corporate purposes, including capital expenditures, investments or repayment of debt.
In early January, RGS said it would partner with another firm, BlueWave Capital LLC, to install four solar power farms, capable of generating a total of 3.5 megawatts of power, in Massachusetts.
“Our partnership with Altus is unique in that it takes advantage of best practices from both organizations developed over many years of solar energy experience,” said Andrew Zaref, RGS Energy’s vice president of project finance.
Cathy Proctor covers energy, the environment, transportation and construction for the Denver Business Journal and edits the weekly “Energy Inc.” newsletter. Phone: 303-803-9233. Subscribe to the Energy Inc. newsletter