LOUISVILLE, Colo., March 20, 2012 /PRNewswire/ -- RGS Energy, the commercial division of Real Goods Solar, and Smart Energy Capital, today announced the creation of RGS Energy Capital, a unique partnership that will provide a streamlined development, financing and installation process for commercial solar projects.
With current access to more than $150 million in project capital from multiple project funds, RGS Energy Capital is actively marketing solar power purchase agreements (PPAs) nationwide to a wide range of commercial, educational, government and non-profit entities. The parties have already begun construction on nine projects located in Pennsylvania, New Jersey and Massachusetts which total approximately 4 megawatts, and have a substantial number of other projects under development in additional markets including California, Arizona, Connecticut, Delaware and Maryland.
"Our partnership with Smart Energy Capital will enable commercial and government entities to replace rising and variable utility electric costs with fixed rate, clean, local solar power," said Bill Yearsley, CEO of RGS Energy, the commercial division at Real Goods Solar Inc. "Businesses and institutions now have the opportunity to add thousands or even millions of dollars to their bottom line by locking in rates with zero up front capital."
Through RGS Energy Capital, Smart Energy Capital and RGS Energy are reengineering the process for solar development. Clients will now have a single source relationship to plan, engineer, finance, construct and manage solar electric systems. This consolidated, single source approach will create certainty of execution while collapsing the time for clients to realize financial savings."Smart Energy's mission is to rapidly expand the market for solar by creating and delivering the most efficient capital solutions possible. By combining our financing and development expertise with RGS Energy's engineering, design and construction expertise under a single umbrella, we are able to deliver a complete solution to customers on a national scale," said Rob Krugel, Managing Partner at Smart Energy Capital. The two companies bring seasoned leadership and deep knowledge of the renewable energy industry. Smart Energy Capital, known for delivering optimal financing solutions for solar energy projects, successfully financed over 40 megawatts of distributed solar projects in 2011, and currently manages a project pipeline in excess of 300 megawatts. Real Goods Solar and RGS Energy have supported solar development since 1978, engineering and constructing over 13,000 client projects.