Private equity-backed renewable energy company Alteris Renewables acquires New York-based solar installer Renewable Power Systems

10 June 2009

Private equity-backed renewable energy company Alteris Renewables, Inc., has acquired substantially all of the assets of New York-based solar installer Renewable Power Systems.

Alteris is a portfolio company of Riverside Partners, a Boston-based technology and healthcare private equity firm.

‘As a larger organisation, we can provide better designs, more cost-effective solutions and a wide array of financial options which together result in superior customer offerings,’ said Ron French, president of Alteris Renewables’ solar business unit.

‘This is a great day for the homeowners and businesses in New York,’ said Kevin Rose, co-founder of Renewable Power Systems. ‘Alteris has proven that they’re able to form the strategic partnerships with other leading companies that are changing this industry. As a result of this acquisition, we’re part of a cutting-edge growth company with greater operational and financial capacity. We look forward to serving our customers with even more competitive pricing, innovative products and superior customer service.’

‘Governor David A Paterson’s comprehensive energy policy has created one of the most attractive environments for the deployment of renewable energy in the country, which will reduce our dependence on fossil fuels, fight global climate change, and meet our future energy requirements through clean energy technologies,’ added Francis J Murray Jr, president and CEO of NYSERDA. ‘Our incentive programmes for renewable energy are attracting leading companies such as Alteris to invest in our clean energy economy, which creates good paying jobs right here in New York State.’

Alteris has completed over 2,250 solar installations across the US, including hundreds of commercial installations. The company provides photovoltaic, solar electric, solar thermal, and wind energy solutions for commercial, residential, education, municipal and institutional clients.

Copyright © 2009 NewNet

Tags: private equity, solar

This story was published on Wednesday, June 10th, 2009 at 2:51 pm and is filed under North America, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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