FLS Energy, a North Carolina based full service solar energy developer and contractor, has announced an equity investment by the New Energy Capital Cleantech Infrastructure Fund, the Cleantech Alliance Direct Fund and Novus Energy Partners to finance corporate growth and solar energy project construction and acquisition.
FLS Energy completed this Greensboro, North Carolina project at Proximity Hotel, consisting of 100 thermal panels, in 2007.
FLS Energy owns and operates approximately 50 MW of solar projects throughout the southeastern U.S., all developed since its inception in 2006. FLS Energy has a project pipeline which includes 90 Megawatts of solar to be completed in 2014 and an estimated 150 Megawatts to be completed in 2015.
“We are extremely excited about the unique opportunities for expansion as a result of this investment,” says Dale Freudenberger, the CEO of FLS Energy. “With our new partners, expanded relationship with New Energy Capital and infusion of new working capital, we will be in a great position to expand our solar asset base, as well as take advantage of opportunities to purchase other solar projects and/or developers. Our partners bring financial resources, industry relationships, and experience within the renewable energy sector that will open doors as we continue to grow.”
Scott Brown, the CEO of New Energy Capital commented, “New Energy Capital has been a financial partner of FLS Energy for 3 ½ years and this additional equity investment reflects our confidence in the company, as well as our long term commitment to the solar industry. The FLS leadership team has demonstrated its ability to manage the complex processes of developing, financing, constructing and operating solar projects, and has built a strong network of financing partners.”
Sullivan & Worcester, LLP served as deal counsel to FLS Energy on the transaction. Rath, Young and Pignatelli, P.C. served as counsel to New Energy Capital.
FLS Energy
www.flsenergy.com