LOUISVILLE, Colo., Dec. 30, 2013 (GLOBE NEWSWIRE) -- RGS Energy, the commercial and utility division of Real Goods Solar, Inc. (Nasdaq:RSOL), has joined forces with Green Lantern Capital to co-develop seven solar projects totaling 4.5 megawatts (MW) in Vermont.
RGS Energy will design, install, monitor and maintain the solar power systems. The company expects to begin construction in summer of 2014 and complete it by November.
On an annual basis, the solar power systems will be designed to generate more than 5.3 million kilowatt hours of electricity. Over the next 25 years, the solar energy produced would offset more than 204 million pounds of carbon dioxide emissions, the equivalent to taking over 19,000 cars off the road or planting over 2.3 million trees (estimated per EPA-based data). The new solar projects will also help Vermont reach its goal of 20% renewable energy by 2017.
"Through these projects, we will be enabling municipalities, schools and businesses to reduce their energy costs while at the same time promoting solar energy," said Luke Shullenberger, Green Lantern Capital's founder and managing partner. "We partnered with RGS Energy, a pioneering solar company in the country, because of the best practices they have developed around quality and safety through their extensive experience building similar projects in Vermont and elsewhere."
Tim Seamans, RGS Energy's general manager, commented: "We have very deep solar roots in the Northeast, especially in Vermont where we have successfully installed more than 10 megawatts of solar, more than any other company. In collaboration with Green Lantern Capital, we are expanding in this important market segment. We are proud that the design, management and construction of these projects will help bring new jobs to Vermont, while supporting the state's renewable energy goals."
About Green Lantern Capital
Green Lantern of Waterbury Vermont is a development consulting and project financing company with a focus on distributed energy, clean-tech and real estate. The firm leverages relationships with institutional investors, family offices and lenders, and provides comprehensive, structured financing and asset management solutions for commercial-scale projects. From concept through to final commissioning, Green Lantern brings a focused, professional approach to its engagements, and makes projects happen. For more information, visit www.greenlanterncapital.com.
About Real Goods Solar, Inc.
Real Goods Solar, Inc. (Nasdaq:RSOL) 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 16,000 solar power systems representing well over 120 megawatts of 100% clean renewable energy. Real Goods Solar 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. It services the commercial and utility markets through its RGS Energy division. For more information, visit RealGoodsSolar.com or RGSEnergy.com, on Facebook at www.facebook.com/realgoodssolar and on Twitter at www.twitter.com/realgoodssolar.
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 Real Goods Solar 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 complete the solar projects described above in a timely manner or at all, receiving shareholder approval for the proposed merger with Mercury Energy, Inc. ("Mercury"), successfully closing the Mercury merger, realizing synergies and other benefits from the Mercury merger, introduction of new products and services, completion and integration of acquisitions, possibility of negative economic conditions and other risks and uncertainties included in Real Goods Solar's filings with the Securities and Exchange Commission. Real Goods Solar 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 RSOL@liolios.com
Source:Real Goods Solar, Inc.