Wilton renewable energy integrator Alteris Renewables, Inc. announced on Wednesday intentions to merge with Real Goods Solar out of California.
To obtain Alteris, Real Goods Solar will issue 8 million unregistered shares of its Class A common stock to Alteris equity holders for 100 percent of Alteris’ outstanding equity. The Real Goods Solar stock was trading a $2.72 per share on Wednesday afternoon, making the merger worth $21.8 million.
Alteris operates exclusively on the East Coast as both an integrator of solar products and an installer of wind turbines. Real Goods Solar operates in the western states, with offices in California and Colorado. As part of the announced merger on Wednesday, the new company – still called Real Goods Solar – named a new CEO, Bill Yearsley.
“The organization we are building will now be capable of providing integrated national project delivery,” Yearsley said in a press release. “This is an industry that is built around constant change and I look forward to a program of well planned profitable growth both organically and through acquisitions.”
Real Goods Solar expects the solar market to grow fivefold in the country in the next four years and expects this merger will help make the company a national power, said company President John Schaeffer.
The deal is subject to approval by the Real Goods Solar shareholders and is expected to be approved in the third quarter.
