Green States Energy, Inc. Acquires 5.4MW New Mexico Solar PV Portfolio
NEW JERSEY, February, 12th, 2013 – Green States Energy, Inc. (BH: GSE), a clean energy independent power producer, announced it has acquired a solar PV project portfolio in New Mexico. The projects, which are located in and around Roswell, New Mexico, have a combined capacity of 5.4MW.
Acquisition financing comprised a combination of equity capital, debt and federal section 1603 cash grant proceeds. The first 2.9MW phase of the portfolio was constructed by Hunt Electric Corporation; the remaining 2.5MW will be constructed by S&C Electric Company.
Green States Energy CEO Stephen Clevett said, “This a major step forward for our company and its shareholders. We are pleased to be working once again with Hunt Electric Company as well as Sunrise Energy Ventures, from whom we purchased the plants. These projects will, upon completion of phase 2, add over $27 million to our asset base and will increase our annual, contracted revenues to approximately $5 million. Roswell is a spectacular setting for solar power plants given the near constant, consistent sunshine. We look forward to being part of this fine community for years to come.”
About Green States Energy
Headquartered in Short Hills, New Jersey, Green States Energy, Inc. is an Independent Power Producer (IPP) that acquires, develops, and operates clean electric generating plants in the Americas and Europe. The Company currently owns 35 operating solar PV power plants in the U.S. with a total capacity of more than 8MW, with another 25 plants in construction. The Company’s project pipeline comprises over 100MW that includes solar PV, biomass, and cogeneration/CHP projects. GSE plans to complete the acquisition and development of additional projects in 2013 with the ultimate goal of adding over 155MW of clean energy projects by 2017.
Certain statements in this press release are “forward-looking statements" within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, the Company’s ability to complete additional acquisitions and other factors. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this presentation.
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