Real Goods Solar, Inc. (NASDAQ: RSOL), a residential solar energy integrator, announced two significant transactions.
It has expanded through the acquisition of Independent Energy Systems, Inc. (IES) of Santa Cruz, CA. This transaction represents the Company’s third acquisition in less than a year. IES, a primarily residential solar energy integrator, had approximately $6 million of revenue in 2007 and positive operating income. Consideration paid, including debt assumed, was within Real Goods Solar’s target range of paying between 50 – 60% of 2007 revenues, it said.
For more information about Independent Energy Systems, visit www.iesolar.com.
Real Goods also announced that it was selected by 1 Block Off the Grid, an independent consumer advocacy group, to provide turnkey residential solar system installations to its members with existing homes in San Francisco.
San Francisco based 1 Block Off the Grid is a nationwide consumer-based initiative, that focuses on driving the adoption of residential renewable energy and sustainable living solutions through education and community.
"We had a tremendous response from many highly qualified solar installation companies," says Sylvia Ventura, Founder and Managing Partner of 1BOG.org. "This first phase of 1BOG has been very encouraging and ultimately validates the community purchase model. Our decision to go with Real Goods Solar came after a thorough selection process that covered a variety of areas. Real Goods Solar scored high in each of the key areas."
Real Goods Solar, now in its 31st year of selling solar and advocating green practices, will provide 1BOG members turnkey solar systems at a pre-negotiated price, including design, installation, monitoring, permitting and rebate paperwork.
About Real Goods Solar
Real Goods Solar offers turnkey solutions, including design, procurement, permitting, build-out, grid connection, and rebate paperwork. Real Goods Solar has 30 years of experience in residential solar energy in the United States. With offices/distribution centers in San Rafael, Santa Cruz, Murrieta and Hopland, California, as well as in Boulder, Colorado, Real Goods Solar is one of the largest residential solar installers in the United States.
About 1 Block Off the Grid.org
1BOG.org is a community-based initiative with the goal to drive widespread renewable energy adoption for residential use through education, private financing and community purchase programs. Initially serving San Francisco communities, 1BOG intends to expand its reach with similar campaigns in Oregon, Nevada, Colorado and Washington DC.
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