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Following energy issues in the state of Connecticut and beyond.

Wednesday, June 22, 2011

Fairfield County Solar Firm Merging With Colorado-based Company

Anyone needing further evidence that renewable energy is becoming big business need look no further than today's announcement that Wilton-based Alteris Renewables and Real Goods Solar announced a plan to merge on Monday.

The deal calls for a swap of stock, with Colorado-based Real Goods Solar issuing 8 million share of its unregistered stock to those who have an equity stake in Alteris, which installs wind power generation units as well as solar systems. Based on Tuesday's $2.48 closing price of Real Good Solar's shares, which trade on the NASDAQ Stock Market, the value of the deal would be $19.84 million.

The amount of shares Alteris equity holders will receive could increase if the company's financial performance over the remainder of 2011 meets certain milestones.

The deal is expected to close sometime in the third quarter of this year, the companies said.

Real Goods Solar installs generation systems at homes and business in California and Colorado. Alteris does business in four of the six New England states as well as New York, Pennsylvania and New Jersey.

“The Northeast and the West represent the two fastest growing markets for solar installations in the country, driven by high energy prices and government incentives in each region,” said Steve Kaufman, former chief executive officer of Alteris and a new board member of Real Goods Solar.

Alteris has 30 employees in Connecticut and 150 total. But its Connecticut roots go beyond being headquartered in Fairfield County.

The company was founded in Vermont in 1980 as Solar Works, according to its web site, but began a series of acquisitions at the start of the last decade. One of those acquisitions was Guilford-based SunSearch in 2008. Later that year, SolarWorks would merge with a Rhode Island-based company and take on the name Alteris Renewables.

Alteris was been named to the Inc. Magazine 500 list of fastest growing companies in each of the last two years.


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