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Isle solar company sold

By Erika Engle

LAST UPDATED: 7:17 a.m. HST, Mar 27, 2014

Kailua-based Sunetric has been sold to RGS Energy in Kentucky for $16 million in cash and stock.

 The deal also may involve an additional $3 million in possible earn-out payments, according to a statement.

Sunetric is among the state's largest local solar energy developers and installers, and announced expansion to the mainland in December of 2011.

Since 2004, Sunetric has installed more than 3,500 solar projects in the state, representing more htan 65 megawatts of installations.

Publicly traded RGS has been selling and installing photovoltaic panels since 1978 and has installed more than 19,000 systems representing more than 170 megawatts of energy.

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