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Green States Energy, Inc. Acquires Massachusetts 3.6MW Solar PV Project
Hamilton, Bermuda – 11 February, 2013 - Green States Energy, Inc. (the “Company”; Ticker: GSE.BH), a leading clean energy independent power producer, announced today it acquired a second solar PV project in Massachusetts on January 31st. The 3.6MW project is located in the Town of Shirley and will provide electricity to the Devens' Utilities Department, a subsidiary of MassDevelopment. The project is to be built by S&C Electric Company. The Devens project is scheduled to be operational by the end of 2Q14.
Green States Energy CEO Stephen Clevett said, “The Devens project represents yet another milestone event for our company, 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 as well as in Sandwich, MA. We also thank Empower Energies and EPG Solar for their efforts in developing this project in conjunction with the Town of Shirley Water District and the Devens' Utilities Department. We look forward to being part of the Devens and Shirley communities for years to come.”
The Devens project will, upon completion, add another approx. $11 million to GSE’s asset base bringing the company’s total asset base to approximately $85 million, comprising just under 20MW of solar PV projects located in three states. The Company’s revenues will also increase to over $7 million per year and contracted revenue backlog (revenues yet to be recognized under long term contracts) will increase to over $100 million.
About Green States Energy, Inc.
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 the Americas and Europe. The Company currently owns 10 operating solar PV power plants in the U.S. with a total capacity of more than 15MW, with another 3.6MW under construction and over 100MW under development, which includes solar PV, biomass, and cogeneration/CHP projects. GSE plans to complete the acquisition and development of additional projects in 2014 with the ultimate goal of owning over 100MW of clean energy projects by 2017.
Company Contact:
Mr. Joseph Duey, Chief Financial Officer
Tel: (704) 519-6723
jduey@GreenStatesEnergy.com or visit http://www.GreenStatesEnergy.com