Andrew Barron Worden, founder and CEO of private equity firm Barron Partners, revealed that the equity firm had recently created Soltas Energy by fusing Barron Partners’ regional solar EPC/project developers. The company is to be a medium for financing solar projects and allowing the equity firm to take ownership positions in regional solar development and installation companies.
Soltas Energy holds majority stakes in three solar service and installation companies including Choice Solar Solutions, Sunergy America and Aegis Solar Energy. The company is said to have wide-ranging national-project financing capabilities and is looking to add companies in different regional markets, such as the Southwest, to its group of solar companies.
Soltas, through its subsidiaries, will act as a solar power provider where customers pay for the power they use through solar PPA’s. Commercial businesses, government entities, real estate developers, schools, universities and utility companies are the main customer target for the commercial-scale installations.
“We seek to expand this business nationally. There is demand across the US for renewable energy at a reasonable cost. The goal of Soltas Energy is to build, own and operate 1GW worth of solar power stations by 2016. To that end, we are looking for commercial customers and landlords who want to reduce their electric bills and harness their solar resources, as well as project partners to finance,” concluded Worden.