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Green States Energy Reports 2012 Results (Excerpt)
NEW JERSEY, U.S.A. – 03 May, 2013 - Green States Energy, Inc. (Ticker: GSE.BH), a clean energy independent power producer, announced financial results for its fiscal 2012 and 2011 years ended December 31. A filing to the Bermuda Stock Exchange stated:
"The Company posted record revenue of $2.2 million for 2012 compared to $42 thousand for 2011. The Company also posted an adjusted EBITDA loss of $0.3 million in 2012 compared to a $2.3 million loss in 2011. The adjustments to EBITDA are discussed below.
The increase in year-over-year revenues reflects the Company’s acquisition, on December 23, 2011, of 100% of the membership interests in six solar photovoltaic projects in North Carolina totaling 5.2MW of capacity. In addition, subsequent to the 2012 year-end reporting period, on February 12, 2013 the Company purchased a 95% interest in 5.4 megawatts of solar photovoltaic projects located in and around Roswell, New Mexico, for a cash purchase price of $8.0 million, bringing the Company’s generating fleet capacity to 10.6MW, of which 2.5MW is under construction and scheduled to be completed by June 30, 2013.
"We are pleased to report record revenues, reflecting the positive contribution of our asset acquisitions," said Stephen Clevett, GSE’s CEO. “Our shift away in 2011 from development towards project acquisition is yielding positive results and we're very excited about our recent New Mexico portfolio addition as well as the several acquisitions we are lining up to close in 2013 and 2014”. The Company’s audited financial statements for the 2011 and 2012 periods are available from the Company.
Please send inquiries to Joseph Duey, CFO, at JDuey@GreenStatesEnergy.com
Green States Energy, Inc. (the “Company” or “GSE”) is an Independent Power Producer (“IPP”) that acquires, develops and operates clean electric generating plants in North America. The Company currently owns nine operating solar PV power plants with a total capacity of more than 8 megawatts (“MW”) and has 2.5MW under construction in New Mexico. Our goal is to grow into a leading IPP. With proven expertise in engineering, construction, interconnection, and project finance, and with access to both debt and tax equity markets, GSE has the ability to take clean energy projects through the development process to operational status. The Company has U.S. offices in Connecticut, Florida, New Jersey, and South Carolina. The Company’s headquarters address is 51 JFK Parkway, 1st Floor West, Short Hills, NJ 07078. The full text of this release will be available from the Company's corporate website located at www.greenstatesenergy.com
Company Contact:
Joseph Duey
Chief Financial Officer
(704) 519-6723
http://www.GreenStatesEnergy.com
Bermuda Listing Sponsor:
Global Custody & Clearing Ltd.,
Attn: Mr. Grant Hopkins Tel: (441) 294-7039
E-Mail: grant.hopkins@lom.com