LOUISVILLE, Colo., PORT CHESTER, N.Y., and OLD GREENWICH, Conn., Feb. 4, 2014 (GLOBE NEWSWIRE) -- RGS Energy (Nasdaq:RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, and Altus Power America Management, an investor in and manager of solar power projects, formed a new joint venture, RGS Energy Asset Management LLC. The purpose of the joint venture is to develop, finance and manage up to $150 million of commercial solar projects.
"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, vice president of project finance at RGS Energy and president of RGS Energy Asset Management. "It also represents RGS Energy's first foray into asset energy ownership and long-term asset management, as well as creates a great platform to fuel growth and access to untapped and new markets."
The joint venture is designed to bring RGS Energy into the arena of energy asset ownership, leveraging both organizations' expertise in developing, building and owning energy assets. The partners will jointly manage the available pool of capital, so funds can be more quickly and efficiently deployed to propel growth. Further, it allows RGS Energy to integrate credit qualification and capital sourcing into its core operations. This integrated approach is expected to streamline and improve RGS Energy's already industry leading customer acquisition, engineering, construction and project monitoring capabilities."Altus and RGS Energy are working together to solve many of the issues that have prevented large scale and repeatable deployment of affordable solar power," said Lars Norell, managing partner of Altus Power America Management. "This joint venture is expected to allow us to identify attractive solar power projects across the country and efficiently deploy capital throughout the US solar market. We anticipate that this initial deployment of $150 million of capital will be the first of many as we partner with RGS Energy, a leading solar company in the country, to create and enhance value for both organizations."