Tri Global Energy, a wind energy developer, has added solar to its portfolio with the formation of a new business unit–TGE Solar–and the acquisition of K12Solar, a California-based provider of roof-top solar photovoltaic energy systems.
“The acquisition reflects our commitment to fully develop a portfolio of renewable energy resources, and is the first for the company’s new TGE Solar division,” said John Billingsley, Tri Global Energy Chairman and CEO.
K12Solar focuses on providing energy efficiency assessments and positive cash-flow solar projects to non-profits and their communities through its proprietary financing vehicle that combines county/city funding via the PACE program program – a mechanism for financing energy efficiency and renewable energy improvements on private property and other sources of capital to deliver the lowest cost of solar.
K12Solar is a pioneer of the business model that utilizes PACE and offers its customers solar panels with no money down through a long-term contract to buy solar energy in a monthly bill over time. Customers pay monthly energy bills that are usually lower than what they would pay to their utility.
The transaction provides Tri Global Energy with its first entry into solar power development and operations, broadening the company’s renewable business beyond its nearly 6,000 megawatts of wind energy capacity.
K12Solar has completed more than 1,000 solar projects, ranging in size from multi-megawatt utility projects to local non-profit and residential rooftop systems.