Colorado-based RGS Energy, a solar energy company serving residential, commercial, and utility customers, has partnered with Altus Power America Management, a private equity firm focused on clean energy, to form a new joint venture that will develop, finance, and manage up to $150 million of commercial solar projects, according to a joint statement.
Through RGS Energy Asset Management, both companies will jointly manage the available pool of capital, to deploy it quickly and efficiently.
The partnership also marks the entry of RGS Energy into energy asset ownership and long-term asset management.
“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,” Altus’ managing partner Lars Norell said.
“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,” he added.
RGS Energy Asset Management will also offer customers power purchase agreements.
The two parties expect the first fully-financed projects to be operational as early as the second quarter of 2014.
Headquartered in Louisville, Colorado and with 17 offices across the US, RGS Energy’s history dates back to 1978 when it sold one of the first photovoltaic panels to the US public. Since then, RGS Energy has installed more than 19,000 solar power systems representing more than 170 megawatts of 100 percent clean renewable energy.
Altus, a Connecticut-based private equity firm, invests in, owns and operates clean energy projects. In addition to having financial expertise, the firm’s partners also have backgrounds in construction, engineering and design. Altus serves commercial and public sector clients.