WGL Holdings, Inc. Announces $50,000,000 Solar System Investment Agreement with American Solar Direct Inc., a Provider of Solar Electric Systems
WGL Holdings, Inc. (NYSE:WGL) today announced its $50 million solar
system investment agreement with California-based residential solar
system installer, American Solar Direct Inc. (ASDI). Along with this
agreement, WGL Holdings has also made a $5 million equity investment in
ASDI's parent company, American Solar Direct Holdings Inc. (ASDHI),
establishing a long-term strategic relationship.
"California is one of the most attractive geographic regions for the
residential solar market across North America," said Terry McCallister,
Chairman and CEO of WGL Holdings, Inc. "Gaining a foothold in this
developing market is an important step in the pursuit of our vision of
providing clean and efficient energy solutions to customers."
ASDI's experienced leadership team has a successful history of
entrepreneurship in the energy industry. The businesses that ASDI's
principals have launched and developed collectively serve the energy
needs of over a million residential customers. Under the investment
agreement structure, ASDI will be responsible for marketing and
installing residential solar systems. The partnership will then own and
maintain the systems, receiving customers' monthly lease payments as
well as federal and state incentives.
"WGL Holdings is an ideal partner for us. Not only can the company
benefit from the tax incentives associated with solar, but it also has
over a century of energy industry experience and leadership upon which
ASDI can draw as it grows," explained Ravi Thuraisingham, President and
CFO of ASDI. "As a more recently formed company, ASDI cannot itself
receive some of the tax benefits associated with solar energy."
With a fixed rate lease plan that does not increase with inflation or
utility prices, ASDI is a unique participant in the residential solar
market field. ASDI prides itself on offering consumers a simple and
affordable energy solution, with a lease rate that includes maintenance,
warranty service and cleaning.
"We could not be more pleased that WGL Holdings, a company with a 160
year history of reliable energy distribution, sees the value of energy
choice, innovation and sustainability," noted Brennan Mulcahy, CEO of
ASDI. "This agreement is illustrative of America's move toward energy
Headquartered in Washington, D.C., WGL Holdings has three operating
segments: (i) the regulated utility segment, which primarily
consists of Washington Gas, a natural gas utility that serves over one
million customers throughout metropolitan Washington, D.C., and the
surrounding region; (ii) the retail energy marketing segment
which consists of Washington Gas Energy Services, Inc., a third-party
marketer that competitively sells natural gas and electricity and (iii)
the design-build energy systems segment, which consists of
Washington Gas Energy Systems, Inc., a provider of design-build energy
efficiency solutions to government and commercial clients. Additional
information about WGL Holdings is available on its website, wglholdings.com.
Go to washingtongas.com
for more information about Washington Gas Light Company.
American Solar Direct Inc. is a trusted provider of solar electric
systems to homeowners in the state of California. Through its fixed rate
solar lease program, ASDI offers homeowners the ability to generate
their own clean, renewable power, and take control of their electricity
costs. Additional information about American Solar Direct is available
on its website, www.americansolardirect.com,
or contact Beth Spence at firstname.lastname@example.org.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6512689&lang=en
WGL Holdings, Inc.
Robert Dennis, 202-624-6129
Solar Direct Inc.
Beth Spence 424-214-6703
Source: WGL Holdings, Inc.
News Provided by Acquire Media