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December 22, 2005
SunEdison and New Vision Technologies to Merge
Company to become the nation’s largest turnkey solar finance and installation company.
San Clemente, CA and Baltimore, MD (PRWEB) December 22, 2005 -- Sun Edison LLC and New Vision Technologies Inc., announced they have signed definitive agreements to merge, forming the nation’s largest solar finance and installation company. The combined company, named Sun Edison, LLC will continue its mission to support large commercial solar PV systems. The long term goal of the merged company is to be the largest owner/operator of solar systems in the US, providing competitively priced power to its customers.
“NVT brings deep experience as one of the nation’s largest solar contractors, having installed over 10MWs of solar electric systems and over 150 commercial solar projects to date.” says Brian Jacolick, CEO of New Vision Technologies.
“By integrating design, engineering and construction with our project finance capabilities and large pipeline of projects awaiting construction, SunEdison will now be able to more rapidly and more effectively meet our customer’s needs,” says Jigar Shah, CEO of Sun Edison LLC.
Transaction Highlights:
– Merger of equals to create a world class leader in financing, installation and operation of solar systems
– Company in a strong position to take advantage of growth in core solar markets of California and New Jersey and new markets in a broad set of states who have developed Renewable Portfolio Standards, solar incentive programs or performance based initiatives.
– The combined company will have a national contracting capability with operations in AZ, CA, CO, CT, HI, MD, NC, NJ, and NV.
– The company’s projects are supported by financing from SunE Solar Fund I, LLC, a $60mm fund formed by SunEdison, earlier this year. NVT will also bring its financing vehicles from its business, which includes its financing arm, Green Lease that will broaden the range of offerings
About SunEdison
Sun Edison, LLC, headquartered in Baltimore, Maryland, is dedicated to providing financial and installation solutions for solar projects to the public, private, and municipal sectors, supported by the belief that solar energy is a critical way to fight global warming, clean the air, meet growing energy needs, and make America energy independent. Using available incentive programs, straightforward structured financing, and socially responsible investors, Sun Edison packages solar to “Host” customers in a way that provides competitively priced solar energy with none of the hassles or risks associated with system ownership. http://www.sunedison.com
About New Vision Technologies
New Vision Technologies, Inc., headquartered in San Clemente, CA, is one of the largest commercial & residential photovoltaic installers in the United States. New Vision is dedicated to providing its customers with renewable energy systems that create financial success. Through research and development NVT integrates the finest materials and technology to offer their customers a lasting investment. http://www.n-v-t.com
Posted by Industrial-Manufacturing at December 22, 2005 03:11 AM