RGS Energy to Design, Install and Operate 2.6 MW Solar System in Massachusetts as First Project Financed by RGS Energy Asset ...
April 23 2014 - 8:31AM
RGS Energy (Nasdaq:RGSE), a nationwide leader of turnkey solar
energy solutions for residential, commercial, and utility
customers, has entered into an agreement to develop a project that
includes the design, installation and operation of a 2.6 megawatt
(MW) ground-mount solar system near Auburn, Massachusetts.
The Town of Auburn has agreed to purchase 100% of the power
generated by the system, which is expected to total more than 3
million kilowatt hours annually and reduce the town's cost of
electricity by more than $3 million over the next 20 years. By
harnessing the power of the sun, the system is also expected to
eliminate more than 9.7 million pounds of utility carbon dioxide
emissions, the equivalent of taking more than 9,000 gas-powered
cars off the road (per EPA-based data).
"We are very excited to have completed negotiations and executed
this agreement with RGS Energy," said Auburn town Manager, Julie
Jacobson. "The fact that they are a one stop shop for project
development, finance and program administration gave the Town
confidence that RGS Energy could implement the project as proposed.
When the project becomes operational the Town will be purchasing
domestically produced, renewable electricity that has a predictable
cost structure for the next 20 to 30 years. These factors will
create significant savings and move Auburn in a more sustainable
direction. We look forward to a mutually beneficial relationship
with RGS Energy."
The contract win represents the first project financed by RGS
Energy Asset Management, the commercial finance joint venture
formed by RGS Energy and Altus Power America Management as
announced in February. With up to $150 million of potential project
financing available through Altus Power America Management, RGS
Energy Asset Management is expected to provide a range of new
services to RGS Energy's customers, from power purchase agreements
and credit qualification to attractive capital sourcing and
long-term asset management.
"This transaction marks a new era for RGS Energy," said Kam
Mofid, RGS Energy's CEO. "We can now provide a full range of
financial and management services to supplement our traditional
solar project engineering procurement and construction offerings.
With these fully integrated capabilities, we're now more
competitive as well as able to participate in asset management and
generate related recurring revenue."
RGS Energy plans to begin construction of the new system this
summer.
About RGS Energy RGS Energy (Nasdaq:RGSE) is
one of the nation's pioneering solar energy companies serving
commercial, residential, and utility customers. Beginning with one
of the very first photovoltaic panels sold to the public in the
U.S. in 1978, the company has installed more than 19,000 solar
power systems representing well over 170 megawatts of 100% clean
renewable energy. RGS Energy makes it very convenient for customers
to save on their energy bill by providing a comprehensive solar
solution, from design, financing, permitting and installation to
ongoing monitoring, maintenance and support.
As one of the nation's largest and most experienced solar power
players, the company has 17 offices across the West and the
Northeast. For more information, visit RGSEnergy.com, on Facebook
at www.facebook.com/rgsenergy and on Twitter at
www.twitter.com/rgsenergy. RGS Energy is a trade name and RGS
Energy makes filings with the Securities and Exchange Commission
under its official name "Real Goods Solar, Inc."
Cautionary Statement Regarding Forward-Looking
Statements This communication includes forward-looking
statements relating to matters that are not historical facts.
Forward-looking statements may be identified by the use of words
such as "expect," "intend," "believe," "will," "should" or
comparable terminology or by discussions of strategy. While RGS
Energy believes its assumptions and expectations underlying
forward-looking statements are reasonable, there can be no
assurance that actual results will not be materially different.
Risks and uncertainties that could cause materially different
results include, among others, failure to finance or complete
construction of the solar energy project described above,
introduction of new products and services, completion and
integration of acquisitions, possibility of negative economic
conditions and other risks and uncertainties included in RGS
Energy's filings with the Securities and Exchange Commission. RGS
Energy assumes no duty to update any forward-looking
statements.
CONTACT: Media and Investor Relations Contact
Ron Both
Liolios Group, Inc.
Tel 1-949-574-3860
RGSE@liolios.com