Tenaska Solar, LLC has announced an equity investment in Soltage, LLC to expand the development and use of solar-generated electricity.

Soltage, a privately-held full service renewable energycompany, is based in Jersey City, N.J.The company develops, finances, installs, owns and operates solar electricitygenerating stations which provide electricity to businesses nationwide.

Tenaska Solar, based in Omaha, Neb., is a privately-held company owned byemployees of Tenaska Energy, Inc. which is one of the nation'slargest privately-held energy companies.

Soltage's photovoltaic solar systems, called Soltage Powerstations,are installed on the rooftops and property of its customers. The Powerstationconverts sunlight into energy, which helps meet or exceed the customer's peakdemand for electricity. The customer pays a fixed, discounted rate to Soltageunder a long-term agreement, and any electricity that exceeds the customer'sneeds is sold back to the local utility, which applies a credit to thecustomer's bill. Soltage also operates and maintains the Powerstation.

"Tenaska Solar believes Soltage has developed a soundbusiness plan that harnesses the benefits of renewable energy in a practicaland efficient manner," said David Kirkwood, Tenaska vice president ofstrategic development. "Solar photovoltaic technology has many advantages,including an increasingly important role in meeting new state and federalrenewable portfolio standards.

"Solar generation correlates well with typical peakelectricity demand, and generation and delivery can be concentrated at abusiness location, which reduces stress on the electric transmission anddistribution system. Further, it can be installed where other renewableoptions, such as wind generation, are not practical," he said.

Jesse Grossman, Soltage chief executive officer, said thecompany will benefit from Tenaska's diversified energy experience.
"Tenaska has a national reputation for integrity andsound business judgment, in addition to its well-established natural gas, powerand biofuels marketing organizations," he said. "We are pleased withthe opportunity to partner with Tenaska Solar to benefit from Tenaska'sexperience, market presence and energy industry knowledge as we continue toexpand our portfolio of solar assets."

Financial terms of the investment were not released.

Pario Capital served as the financial advisor to Soltage."We worked with Soltage to identify prospective partners that possessedvision, resources and complementary expertise," said Jeff Clyde, managingdirector of Pario Capital. "We believe the relationship with Tenaska Solarrepresents a premier platform in the renewable energy industry.

For more information about Tenaska, visit the company's Web site at www.tenaska.com.

For more information about Soltage, visit the company’s website at www.soltage.com.

Last update: 08 December 2008 at 08:59

Keywords : Tenaska Solar, Soltage, invest, solar power.

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