Real Goods Solar, Inc., a solar energy integrator for commercial, government and residential customers in California and Colorado, today announced its merger agreement with Earth Friendly Energy Group Holdings LLC.
The merger is intended to create a multi-state solar integrator with a variety of financing solutions, years of industry experienced management, and a strong commercial customer base.
Real Goods Solar has reported strong internal growth and profitability for seven consecutive quarters, and said it expects to generate revenues of approximately $200 million in the 12 months following completion of the merger, which is slated for the third quarter of 2011.
“Together, we are a much stronger company with a better ability to compete in the market that we established when Real Goods Solar sold the very first solar panel to the public in 1978,” John Schaeffer, president of Real Goods Solar stated in the press release. “We can leverage our complementary expertise and geographies to accelerate the adoption of clean energy across the country. With the U.S. solar market projected to grow fivefold from 2010-2015, our company has plenty of opportunity ahead of it.”
Real Goods Solar also today announced the appointment of Bill Yearsley as Real Goods Solar’s CEO and member of the board of directors. Yearsley noted the experience of involved management, as well as the potential of the merger.
“I am excited to join Real Goods Solar, the pioneering solar company in the United States,” Yearsley stated. “Our ability to execute projects successfully is highly dependent on human resources, our most important asset. Having the opportunity to bring together two very seasoned management teams positions our organization well for the future. The organization we are building will now be capable of providing integrated national project delivery. This is an industry that is built around constant change and I look forward to a program of well planned profitable growth both organically and through acquisitions.”
For more information visit www.realgoodssolar.com