groSolar Acquires Borrego Solar Residential Division

first_imgTwo of the nation s leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.As a result, groSolar will emerge as the fourth-largest residential solar power installer in the United States, while maintaining its national distribution and commercial operations as well. The firm, launched less than 10 years ago, will continue its rapid expansion and consolidation as the first truly North America-wide solar power company, with residential operations in nine states in addition to their commercial and distribution channels. NGP Energy Technology Partners and SJF Ventures, two of the premier energy technology private venture capital funds in the United States, have provided capital for groSolar through previous transactions.With the purchase, the groSolar name will begin appearing at Borrego Solar s residential locations in San Diego, Berkeley, Sonoma, Orange County, Silicon Valley, and Massachusetts.In a related release, Borrego Solar today announced that the company will narrow its focus to its fast-growing Commercial and Government Divisions, while immediately expanding operations to New York and New Jersey. Commercial and Government projects comprised 75 percent of the company s revenue in 2008. Borrego Solar, which recently announced a $14 million round of venture financing, will continue to maintain significant operations in New England and California. In addition to its corporate headquarters in El Cajon, Calif., the company currently operates regional offices in New England, the San Francisco Bay Area and New York.groSolar officials expect the acquisition to benefit homeowners by making solar electric power even more affordable through groSolar s advanced sales, marketing and installation capabilities . A homeowner can have a groSolar system installed in as little as two days harnessing the sun s power for electricity and / or hot water. Borrego will focus on the unique needs of commercial and government entities, designing and installing low-cost solar systems that can scale with organizations as they grow, while reducing the country s dependence on non-renewable resources.Jeff Wolfe, CEO of groSolar, said: This is a great day for solar. Coupled with the new benefits in the Federal stimulus bill, groSolar is now poised to help with America s energy independence and economic recovery, while making it simple, fast and affordable for customers to go solar. We look forward to integrating the Borrego Solar residential division s great reputation and quality into groSolar to benefit Californians.Wolfe added: Dealers in groSolar s existing distribution network will see immediate benefit, as we roll out additional best practices to serve our local installers, launch new programs to give homeowners easy access to solar power, and expand the largest distribution warehouse network in the industry and in California. With the sale of our Residential Division to groSolar, we can better address growing demand within the commercial and government sectors while expanding geographically into new regional markets, said Aaron Hall, Chairman and CEO of Borrego Solar. Borrego was built on providing quality residential solar design and installation services for more than two decades, and we thank our customers and partners for their business and support during that time. groSolar has the same commitment to quality, excellence and service that earned us the trust of homeowners and partners throughout California and New England.groSolar has recently been on a rapid growth curve, with acquisitions of Energy Outfitters of Oregon in December 2006, and Chesapeake Solar of Maryland in July 2008. The same month, the company signed a $175 million, four-year purchase agreement with Evergreen Solar to assure supply of its photovoltaic solar panels. The company signed an exclusive North American distribution agreement in October 2008 with Motech Industries, a leading maker of inverters that turn electricity from photovoltaic solar panels into household electricity. groSolar also recently signed an exclusive distribution agreement for the PanelClaw flat roof solar mounting system.groSolar has operations in 12 states as well as Canada Vermont, New Jersey, New York, Connecticut, Massachusetts, Maryland, Delaware, Pennsylvania, Colorado, Oregon, Montana and California.Jeff Wolfe appeared Dec. 11, 2008 on PBS-TV s This Old House, showing how a Weston, Mass., couple quickly and affordably turned their modest 1970s-era house into a model for green technology. Before-and-after photos and how-tos may be seen at www.thisoldhouse.com(link is external). groSolar has also been featured on ABC-TV s Extreme Makeover: Home Edition. Among its many large-scale projects was the recent installation of solar hot water heaters at Fenway Park, the Boston Red Sox ballpark.Wolfe serves as chairman of the PV Division for the Solar Energy Industries Association, the leading solar energy trade group.Borrego Solar finished 2008 with $60 million in revenue and more than $90 million in contracts, making it one of the country s fastest growing solar companies. The company was the eleventh fastest growing private energy company according to Inc Magazine and #261 overall. Borrego has installed major systems on schools, affordable housing communities, grocery and retail businesses, and town and municipal facilities through California and New England.Solar energy can be one of the best home improvement investments you make. Surveys have shown that for every $1,000 saved per year, $20,000 is added to a home’s value. Typical systems take two to five days to install, and the panels are guaranteed for 25 years.About groSolargroSolar is North America s premier distributor, installer and integrator of solar energy solutions for residential and commercial installations. Founded in 1998, groSolar now encompass offices and warehouses across the continent, distributing solar electric and solar hot water systems from offices in VT, NJ, NY, CT, MA, MD, DE, PA, CO, OR, MT, CA, and Canada. groSolar integrates components from leading solar manufacturers including Evergreen Solar, PanelClaw, Motech, Heliodyne, SMA, Fronius and UniRac into simple solar energy solutions for customers that generate clean, reliable energy for decades. groSolar is a mission-driven company dedicated to providing high quality solar energy solutions and whole energy appreciation. groSolar s venture capital investors include NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund. Learn more at groSolar.com   or call 800.374.4494 from 8am 5pm EST.About Borrego SolarEstablished in 1980, Borrego Solar Systems, Inc. is one of the nation s leading designers and installers of commercial and government grid-connected solar electric power systems. Borrego Solar s photovoltaic systems are efficient, reliable and cost-effective. With more than two decades of experience and more than 1,000 installations, Borrego Solar offers a complete line of design and installation services throughout California, New England, New York and New Jersey. For more information, visit www.borregosolar.com(link is external).About NGP Energy Technology PartnersNGP Energy Technology Partners, L.P. is a Washington, D.C. based fund investing growth equity capital in companies providing technology-related products and services to the oil and gas, power, and alternative energy sectors. The fund is managed by investment professionals with extensive experience investing in virtually all types of energy technologies and a strong track record of helping companies grow, create value, and establish strategic partnerships. NGP Energy Technology Partners is an affiliate of NGP Energy Capital Management, a leading investment firm with over $9.6 billion of cumulative capital under management. www.ngpetp.com(link is external).About SJF VenturesSJF Ventures is a venture capital fund with offices in Durham, NC, and New York, NY.  The fund focuses on the expanding cleantech, energy, business and web services, and consumer brand companies.  SJF Ventures looks for experienced management teams that are driving exceptional growth and positively impacting the world.  SJF led the Series A round for groSolar in the fall of 2006.  Jeff Wolfe, the CEO of groSolar, will be a keynote speaker at the SJF Summit on the New Green Economy: How to Make it Work, June 2-3, 2009, Durham, NC being produced by SJF Advisory Services.  For more information, visit www.sjfund.com(link is external).Stimulus Bill Means More For Solar Energy!Legislation signed by President Obama on Feb 17th contains numerous provisions for solar energy. On the residential and light commercial front, state energy agencies will soon be receiving tens of millions of dollars in additional funding. From early indications, a large portion of this will go directly to “shovel ready” solar grant and rebate programs. This is being decided in many states as we speak, groSolar will provide the latest information to you as we receive it. Energy Block Grants will concurrently be distributed to cities, counties and municipalities across the country. Some of this funding will be dedicated to renewable energy projects. Contact your local energy officials, to see how this money is being spent in your communities. In addition, communities that have tax assessment financing of solar projects, such as the Berkeley FIRST program, will now be able to take full advantage of the federal Investment Tax Credit (ITC)! Perhaps most importantly, the Treasury Department will soon be giving 30% grants for solar energy projects, for entities that are eligible and in lieu of the ITC. A word of caution – there is a lot of mis-information out on the web regarding this program. The fact is that the Treasury Department will not publish rules and eligibility for approximately 30-60 days, and it is unknown whether this provision will include residential projects. groSolar will get the latest information to you as soon as it is available.   Local, State and Federal incentive and rebate information can be found at DSIREUSA.org. $500 SavingsVisit us at any of our upcoming shows for $500 off of your solar solution. Simply visit groSolar.com, print out the $500 Savings E-Card found on the home page and bring it along with the required items to the show to determine if solar is right for you!Upcoming EventsNH State Home Show: March 6-8 in Manchester, NHSolar Seminar: March 7, 10am-11:30am in Westmont, NJ (William G. Roher Memorial Library)Maynard Energy & Sustainability Fair: March 7, 12p-4p in Maynard, MA (Fowler School)National Grid Regional Energy Efficiency Conference: March 10 at the Turning Stone Resort in Verona, NYNESEA BuildingEnergy 09: March 11 & 12 in Boston, MASE CT Home & Business Show: March 13-15 in New London, CTSuburban MD Spring Home Show: March 13-15 in Germantown, MDGreat Green Expo: March 21 in Wilmington, DE2009 Addison County Green Energy Expo: March 21 in Middlebury, VT2009 Homelife: An Exhibition for Living: March 27-29 in Hanover, NHGo Green America Expo: March 28 & 29 in Gaithersburg, MDSolar Education Seminar: March 31 at 7pm at the Prosser Library in Bloomfield, CTBuild Boston: Residential Design & Construction: April 1 & 2 in Boston, MAD2E: Down 2 Earth: April 3-5 in Boston, MAHoward County Green Fest: April 4 in Columbia, MDClaremont Chamber of Commerce Home & Trade Expo: April 4 & 5 in Claremont, NHThe Green Living Show: April 24-26 in Toronto, ONEarth Day Fair: April 25 in Columbia, MDlast_img read more

GSA’s John Hassett places ninth of 800 at Festival of Champions

first_img Real Estate Transfers Week of Sept. 17 – September 18, 2020 Latest Posts Donald Trump Jr. to host Holden campaign event – September 18, 2020 Latest posts by (see all) Bio BELFAST — George Stevens Academy junior John Hassett placed ninth of some 800 runners in the high school cross-country Festival of Champions on Saturday.Hassett completed the 3.2-mile course in 16 minutes and 27.28 seconds (a 5:17.8-minute mile average), leading GSA to an 11th-place finish overall with 387 points.Of the 64 boys’ teams, Scarborough won with 120 points, Cumberland took second with 162, and Falmouth finished third with 187.Two other GSA boys placed among the top 100 finishers: Ollie Dillon, 48th in 17:29.00; and Will Entwisle, 71st in 17:46.58.This is placeholder textThis is placeholder textThe GSA girls also placed 11th (409 points) of 54 teams. La Salle Academy won with 30 points, Orono took second (128 points), and Cumberland finished third (141).Three GSA girls placed among the top 100 of some 600 runners. Eliza Broughton led her team with a 37th-place finish in 20:11:33, Zeya Lorio took 47th (20:27.71) and Mary Richardson finished 63rd in 20:46.79.Mount Desert Island’s Emma Strong placed 75th in 21:02.79.As for other Hancock County teams, the MDI boys placed 39th (1,042 points), the Ellsworth boys took 48th (1,303), and the Bucksport boys finished 60th (1,694).The MDI girls took 31st with 789 points.Find more results at the links below:Girls’ resultsBoys’ results Drive-thru flu shot clinics scheduled – September 18, 2020last_img read more