RGS Energy and Altus Power America Management formed a joint venture, RGS Energy Asset Management, to develop, finance and manage up to $150 million of commercial solar projects.
The joint venture is designed to bring RGS Energy into the arena of energy asset ownership; the partners will jointly manage the available pool of capital. Further, it allows RGS Energy to integrate credit qualification and capital sourcing into its core operations.
For its part, Altus Power America Management says the joint venture will allow it to identify attractive solar power projects across the country and efficiently deploy capital throughout the US solar market. 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 2014.
RGS Energy’s energy services are currently available in Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Maryland, Massachusetts, Oregon, New Jersey, New York, Pennsylvania, Rhode Island, Texas, Vermont, Washington, and Puerto Rico.