New York-based private equity firm Barron Partners has launched Soltas Energy Corporation, a group that consolidates the firm’s existing regional solar EPC/Project developers. Soltas Energy allows the firm to take ownership positions in prominent regional solar project development and installation companies, it said.
Soltas Energy Corporation was recently launched by New York-based private equity firm, Barron Partners LP. Soltas Energy consolidates Barron Partners’ existing regional solar EPC/Project developers, creates a national vehicle for financing solar projects, and allows Barron Partners to take ownership positions in prominent regional solar project development and installation companies.
By installing solar power generation stations and providing cost-effective, clean electricity directly to commercial customers, Soltas Energy can meet the nation’s growing energy demands in a sustainable way.
Soltas Energy is the initiative of Andrew Barron Worden who is also the founder and CEO of Barron Partners. “In terms of the green benefits, this GW will remove 9,177,000 tons of CO2 emissions over the first 25 years of operation,” said Mr. Worden.
Mr. Worden added that Soltas Energy would have a positive impact on more than the environment. “Soltas Energy’s efforts will give America a much-needed economic boost as well, as we expect to employ over 1,000 skilled Americans to perform the installations, putting many of them back to work.”
Soltas Energy enters the solar space with majority stakes in three, well-established solar services and installation companies: Choice Solar Solutions, Inc., in Nashville, Tenn., Sunergy America in Wall, New Jersey, and Aegis Solar Energy, Inc., in Branford, Conn. Soltas Energy has extensive national-project financing capabilities and is currently considering companies located in additional regional markets, such as the Southwest, to add to its team of solar companies in the near future.
Through its subsidiary companies, Soltas operates as a solar power provider where customers pay only for the power they use through Solar Power Purchase Agreements (SPPAs). In this scenario, customers provide the real estate for solar arrays – typically, rooftops or on-site open spaces – and buy only the power they need, at rates lower than what local utilities can offer. Soltas makes the capital investment, generates recurring revenue from the sale of electricity and receives additional gains from incentives associated with its investment in renewable energy. Target customers for these commercial-scale installations include commercial businesses, government entities, real estate developers, schools and universities, and utility companies, among others.
“Soltas is capitalizing on an emerging trend among commercial enterprises to add solar power as a smart, viable energy resource,” Mr. Worden said. “This is occurring as the retail price of energy from the utility grid approaches and begins to surpass the falling cost of solar power.”
“We seek to expand this business nationally,” Mr. Worden said. “There is demand across the U.S. for renewable energy at a reasonable cost. The goal of Soltas Energy is to build, own and operate 1 GW worth of solar power stations by 2016. To that end, we are looking for commercial customers and landlords who want to reduce their electric bills and harness their solar resources, as well as project partners to finance.”
Soltas Energy Corporation Soltas Energy, a Barron Partners Company, is a national industry leader in PV solar power station installations. We understand how employing the right business strategy can turn PV solar power into a viable energy option for commercial and government customers, by delivering cost-effective energy solutions that save money, while improving the environment. Based on decades of renewable energy experience and established industry relationships, Soltas Energy and our regional holding companies are making state-of-the-art PV solar energy stations a smart and cost-effective solution for power generation across the United States. For more information about Soltas Energy, visit www.soltasenergy.com.
Barron Partners LP is an international private investment fund with a primary focus on profitable cleantech companies. Barron has invested over $450 million of its capital since its formation in 2002.