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August 05, 2011
Barron Partners Forms Solar Energy Company
    by Robert Kropp

The private equity firm states that the goal of Soltas Energy is the installation of one gigawatt of solar power systems by 2016, and anticipates employing over 1,000 Americans.


Barron Partners, a New York-based private equity firm with a focus on cleantech companies, announced today the recent launch of Soltas Energy, a provider of solar power through the installation of photovoltaic (PV) solar power generation stations.

According to Barron Partners, Soltas Energy has purchased majority stakes in three solar services and installation companies, located in Tennessee, New Jersey, and Connecticut, and is considering investments in other solar companies in order to expand its business nationally. The business model of Soltas entails purchasing established solar companies, thus providing it with immediate access to local markets.

The goal of Soltas is to install one gigawatt (GW) of solar power systems by 2016. According to a
report published in March by Clean Edge, a research and advisory firm for the cleantech sector, new installations of solar PV "reached more than 15.6 GW worldwide in 2010, a more than doubling from 7.1 GW in 2009."

Installed capacity in the US in 2010 was 2.6 GW.

Andrew Barron Worden, CEO of Barron Partners, stated, "This GW will remove 9,177,000 tons of CO2 emissions over the first 25 years of operation." Furthermore, Worden continued, "We expect to employ over 1,000 skilled Americans to perform the installations, putting many of them back to work."

"This is occurring as the retail price of energy from the utility grid approaches and begins to surpass the falling cost of solar power," he added.

The report from Clean Edge also found that decreases in the cost of solar PV led to revenues of $71.2 billion in 2010, and projected that revenues will reach $113.6 billion by 2020.

Potential customers for the commercial-scale solar installations of Soltas include businesses, government entities, real estate developers, schools and universities, and utility companies.

Since its formation, Barron Partners has made over $450 million in investments, primarily in cleantech companies. The firm invests in alternative energy companies, as well as companies in the recycling and energy efficiency sectors.

 

 
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