RGS Energy and Altus Power form JV to fund, develop and manage solar power projects

RGS Energy and Altus Power America Management have created a new joint venture (JV), RGS Energy Asset Management, to fund, build and manage up to $150m of commercial solar power projects.

The JV will enable both the firms to jointly manage the available pool of capital so that funds can be more quickly and efficiently used in the development of solar power projects.

With newly created JV, RGS Energy would be able to integrate credit qualification and capital sourcing into its core operations.

The JV will help RGS Energy improve its customer acquisition, engineering, construction and project monitoring capabilities.

RGS Energy Asset Management will work on offering power purchase agreements and other financial solutions to customers.

RGS Energy and Altus Power expect that the first fully financed projects to be operational as early as the second quarter of 2014.

Altus Power managing partner Lars Norell said Altus and RGS Energy are working together to solve issues in the deployment of affordable solar power projects.

"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," Norell added.

RGS Energy CEO Kam Mofid said the creation of a new JV indicates the company’s better performance in solar energy sector.

"It also provides us the future flexibility to deploy our own capital through the joint venture, at the amount of our choosing, as we extend into the energy asset ownership domain," Mofid added.