Sunetric sale to RGS Energy closes
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Sunetric employees John Zimmer, left, and Jorden Robello installed a photovoltaic electrical generation system Thursday on the roof of Glen Robinson's St. Louis Heights home. Although the upfront costs are high, Hawaii's abundant sunshine helps the system pay for itself more quickly than it would in other regions.
The acquisition of Kailua-based Sunetric to RGS Energy has been completed.
Publicly traded RGS, based in Colorado, announced in March its intention to buy Sunetric’s parent company Elemental Energy LLC. Since the announcement, the deal was restructured to an all-stock transaction in which RGS will issue about 4.5 million shares to the sellers subject to certain conditions, along with an additional $3 million in potential payments.
The deal originally called for payment of $7 million cash and $9 million in stock.
Sunetric will maintain its local management team, its 90 employees and its established brand, according to a statement.
