RGS Energy, a provider 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, have formed a new joint venture: RGS Energy Asset Management LLC. The companies say the purpose of the JV is to develop, finance and manage up to $150 million of commercial solar projects.
RGS Energy adds that the joint venture is designed to bring the company into the arena of energy asset ownership and allow RGS to integrate credit qualification and capital sourcing into its core operations. The partners will jointly manage the available pool of capital.
‘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,’ says 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 U.S. 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," Norell continues.
The joint venture will offer power purchase agreements and other financial solutions to customers. The parties expect the first fully financed projects to be operational as early as the second quarter of this year.