Tri Global Energy Turns American Business Act on Climate Pledge into Reality with Solar Acquisition
DALLAS, Dec. 1, 2015 -- Tri Global Energy, a renewable energy company with utility-scale wind energy projects, has added solar to its portfolio of renewable energy resources with the formation of a new business unit--TGE Solar--and the acquisition of K12Solar, a California-based provider of roof-top solar photovoltaic energy systems.
"The acquisition reflects our commitment to fully develop a portfolio of renewable energy resources," said John Billingsley, Tri Global Energy Chairman and CEO, "and is the first for the company's new TGE Solar division."
Tri Global Energy announces the solar company acquisition as the White House releases the third round of U.S. business commitments today for the American Business Act on Climate Pledge. Tri Global Energy was a signatory earlier this year with a pledge to diversify its renewable power holdings with the addition of a solar division and the acquisition of a solar energy company.
K12Solar focuses on providing energy efficiency assessments and positive cash-flow solar projects to non-profits and their communities through its proprietary financing vehicle that combines county/city funding via the PACE program (Property Assessed Clean Energy) program - an innovative mechanism for financing energy efficiency and renewable energy improvements on private property and other sources of capital to deliver the lowest cost of solar.
K12Solar is a pioneer of the business model that utilizes PACE and offers its customers solar panels with no money down through a long-term contract to buy solar energy in a monthly bill over time. Customers pay monthly energy bills that are usually lower than what they would pay to their utility.
The transaction provides Tri Global Energy with its first entry into solar power development and operations, broadening the company's renewable business beyond its nearly 6,000 megawatts (MW) of wind energy capacity.
"K12Solar's portfolio will add a growing, high-quality, long-term and contracted solar asset base to Tri Global Energy, strengthening our renewable power platform and reinforcing our commitment to clean energy," Billingsley noted. "It is a logical next step in our expansion in renewable power.
"The exceptional management team has built K12Solar into one of the leading providers of distributed solar energy in a short amount of time," Billingsley said. "The success of K12Solar is a testament to the strength of the K12Solar business strategy and will enable us to rapidly grow our solar development and operations group."
K12Solar's efficient sales processes and focused business model have enabled it to rapidly grow, targeting non-profit organizations and schools. K12Solar will keep its headquarters in Sacramento, California.
The K12Solar acquisition brings more than 20 employees to TGE Solar, including Miguel de Anquin, K12Solar founder and CEO, who brings with him outstanding sales and business development leadership and capabilities. De Anquin will step into the new role as TGE Solar president and continue in his capacity as CEO of K12Solar, leveraging Tri Global Energy's central back office administration with the goal of capturing substantial year-over-year sales.
"With Tri Global Energy's proven track record in energy development, we couldn't be more excited about being a part of their team," De Anquin said. "K12Solar's experienced management team has been involved with solar projects that have generated over $300 million in solar project revenues. Being part of Tri Global Energy will enable us to accelerate our growth."
Established in 2014, K12Solar is an experienced photovoltaic (PV) solar provider whose management team has completed more than 1,000 solar projects, ranging in size from multi-megawatt utility projects to local non-profit and residential rooftop systems.
About Tri Global Energy
Tri Global Energy is a leading renewable energy company headquartered in Dallas. Its TGE Wind division develops and owns utility-scale wind projects in Texas and New Mexico. In 2014, TGE Wind concluded 520 MW of wind transactions and will commercialize approximately 2,000 MW cumulatively by the end of 2017. The company's TGE Solar division provides solar energy solutions, and its management team have developed, financed, engineered, constructed and operated over 1,000 solar projects for utilities, large corporations, schools and churches, municipalities and residences. Recently Tri Global Energy joined other U.S. companies at the White House for the American Business Act on Climate Pledge, committing to take action on the global challenge of climate change. For more information, visit http://www.triglobalenergy.com.