Green States Energy, Inc. Acquires 4.1MW Solar PV Project in Massachusetts
NEW JERSEY, August, 19th, 2013 – Green States Energy, Inc. (BH: GSE), a clean energy independent power producer, announced it has acquired a solar PV project, to be located in Sandwich, Massachusetts. The 4.1MW project is being constructed by S&C Electric Company, who just completed construction of GSE’s 2.5MW Roswell, New Mexico project, under a turnkey, fixed price contract and is expected to go into operation by the end of this year.
Green States Energy CEO Stephen Clevett said, “This is another milestone event for our company and our shareholders, continuing our pattern of strong, sustained growth. We are pleased to be working once again with S&C Electric Company and Green Earth Developers, who both performed exemplary work for us in New Mexico earlier this year. We also thank Howland Development Co for its efforts in developing this project over the past two years and we look forward to being part of the Sandwich, MA community for years to come.”
The Sandwich, MA project will add approx. $13 million to GSE’s asset base bringing the company’s total asset base to just under $75 million, comprising just under 15MW in three states. The company’s revenues will also increase to approximately $7 million per year and contracted revenue backlog (revenues yet to be recognized under long term contracts) will increase to over $75 million.
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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