Solar: Real Goods Merges with Mercury Energy; JinkoSolar, Cenergy Power Provide PV to HMC Farms
Colorado-headquartered Real Goods Solar has signed an agreement to acquire New York-based Mercury Energy, d/b/a Mercury Solar Systems in a merger transaction. Real Goods Solar will issue 7.9 million shares of its class A common stock, subject to certain adjustments based on closing working capital and the price of the class A common stock, as the consideration for the acquisition of Mercury. The transaction is subject to the approval of the shareholders of each of Real Goods Solar and Mercury. A representative of Mercury’s current board will be nominated to join Real Goods Solar’s board of directors.
Mercury Energy, formed in 2008, has installed more than 50 MW of solar projects. Upon closing, Mercury will bring more than 50 employees to Real Goods Solar, including three executives. Jared Haines, Mercury’s co-founder and president will lead commercial sales in the Northeast as vice president of sales at RGS Energy, the Commercial and Utility Division of Real Goods Solar. Anthony Coschigano, a co-founder of Mercury, will become vice president of Northeast Operations at RGS Energy helping the combined business to further improve all facets of systems deployment and productivity. Andrew Zaref, Mercury’s CFO and COO, will become vice president of Project Finance at Real Goods Solar, where he will lead the company’s residential and commercial financing and asset management strategies.
JinkoSolar has supplied 2.2 MW of solar PV modules to HMC Farms, which will span across 390,000 square feet of ground in California and enable HMC to hedge against rising electric utility charges on two cold storage and packaging meters. The solar plant has been developed and is being built by Cenergy Power. The ground mounted solar system is designed to produce over 3.4 million kWh of energy annually, which will reduce the plant’s energy needs by 68 percent and provide 4-year unlevered return on investment.
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