Solar asset seveloper, Helio Micro Utility, acquires Simple Energies

SAN FRANCISCO, USA: Helio Micro Utility (Helio mU), a developer and financier of solar energy projects, has announced the acquisition of Simple Energies LLC, a renewable energy project development company with a 50 megawatt global pipeline.

The agreement brings renewable energy veteran and Simple Energies CEO Ty Jagerson to the company's executive management team. Jagerson, who was a founding executive of SolFocus and co-founder of the Xerox PARC Cleantech Initiative, becomes President of Helio Micro Utility; he also steps in to lead commercial and utility scale sales for affiliated company HelioPower, becoming Executive Vice President, Commercial Sales.

Helio Micro Utility, spun out of HelioPower in 2007, works with established financial partners to develop, own and operate large commercial and utility scale solar assets in the United States and abroad.

In 2008, the firm worked with Citi Community Capital, a division of Citi, to form the Helio Green Energy Community Investment Fund, a $100 million solar financing program. The initial project for the Helio Green Energy Fund was The Tech Museum in San Jose, CA. Sister company HelioPower, founded in 2001, has installed more than 1000 solar power systems worldwide. Terms of the acquisition agreement were not disclosed.

Mo Rousso, CEO for Helio mU, said: "By acquiring Simple Energies, Helio Micro Utility expands its pipeline into adjacent solar markets and other renewable energy domains and increases our solar financing strength. Bringing Ty on board in particular adds a seasoned solar industry professional with proven US and international project development skills; this adds the financial acumen we need for this next stage of our growth."

He further added, "As the demand for clean energy continues to accelerate here and abroad, Ty's expertise will help us scale up in developing, financing, owning, and operating renewable energy assets."

Ty Jagerson said: "I'm delighted to be joining such a well-established, and well-regarded solar energy team. The track record that Mo and the team have built for performance and profitable growth makes them an ideal match for the renewable energy project portfolio and innovative solar financing products we have developed at Simple Energies."