BOULDER, Colo., Aug. 4, 2011 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a leading residential and commercial solar energy EPC provider, today announced a new financing program between Alteris Renewables and KeyBanc Capital Markets, the investment banking arm of KeyCorp (NYSE:KEY) to fund commercial solar installations. This new financing alternative will allow Real Goods Solar to be more competitive in the market and provide host customers with a truly seamless process. These projects will require minimal capital investment from Real Goods Solar while delivering a stream of long-term revenue and cash flows. The multi-year financing program will be available nationwide for distributed scale solar systems with host customers who have a strong credit profile.
"The launch of this new financing program marks an important milestone for the growth and development of Real Goods Solar's national commercial business," commented Bill Yearsley, Chief Executive Officer. "We believe that the ability to control the financing of certain projects, without taking any capital risk, will allow us to streamline our process and to drive better overall returns. Financing is playing an increasingly critical role in the demand for solar and we want to ensure that we continue to provide the best possible solutions to our customers in order to drive the market forward."
"We are excited about the structure of our new offering and look forward to further developing our relationship with one of the strongest financial institutions in the country," said Erik Zech, Chief Financial Officer. "With this program, we will not only be able to offer a more compelling solution to customers in the future, but also enjoy the benefits of recurring revenue streams over time from the power purchase agreements associated with these projects."
Key will provide the financing for the transactions. David Angel, Managing Director, KeyBanc Capital Markets Utility, Power & Renewable Energy Group, commented, "We are very excited to be able to work with a company like Real Goods Solar that has a long and successful history of solar project development."
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Real Goods Solar or Alteris Renewables. Real Goods Solar will file an information statement with the Securities and Exchange Commission (the "SEC") in connection with Real Goods Solar's acquisition of Alteris Renewables. Investors are urged to read those filings, and any other filings made by Real Goods Solar with the SEC in connection with the proposed merger, when they become available, as they will contain important information about the proposed merger. Those documents, when filed, as well as Real Goods Solar's other public filings with the SEC, may be obtained without charge at the SEC's website at www.sec.gov/">www.sec.gov or by directing a request to: Real Goods Solar, Inc., 833 W. South Boulder Rd., Louisville, Colorado 80027, Attention: Investor Relations.
About Real Goods Solar, Inc.
Real Goods Solar, Inc. is a leading residential and commercial solar energy integrator, having installed over 11,000 solar systems. Real Goods Solar offers turnkey solar energy services, and has 33 years of experience in solar energy, beginning with the sale in 1978 of the first solar photovoltaic, or PV, panels in the United States. With 15 offices in California, Colorado and the Northeast, Real Goods Solar is one of the largest residential solar installers in the country. For more information about Real Goods Solar, please visit www.realgoodssolar.com, or call (888) 507-2561.
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This press release 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, introduction of new products and services, completion and integration of acquisitions, the 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.
Erik Zech Chief Financial Officer 415-295-4952
Louisville, Colorado, UNITED STATES
Erik Zech Chief Financial Officer 415-295-4952
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