Neuwing Development and Renewable Power Partners announce merger

WILMINGTON, USA: Neuwing Development, LLC, an affiliate of Neuwing Energy Ventures, LLC, and Renewable Power Partners, LLC (RPP), have completed a definitive merger agreement as of June 30, 2010.

The companies have combined to create Neuwing Renewable Energy, LLC (NRE), a renewable energy development company focused on wholesale, utility-scale solar projects ranging from five to twenty megawatts throughout the Mid-Atlantic region.

"This merger creates one of the East Coast’s largest solar development companies, based on project pipeline and megawatts currently under development," said Robert Rabe, RPP's founder and president. "We all benefit from the increased scope, scale and critical mass afforded by this merger, which substantially increases our financial capability, adds value to existing projects and creates new opportunities for growth. We are stronger and more diverse as a combined entity."

The combined company integrates RPP's pipeline and assets with Neuwing's current energy consulting and solar development businesses. NRE is currently developing approximately 300 megawatts of primarily utility-scale solar farms. The company also has an additional 800 megawatts of project pipeline being negotiated with landowners and local utilities.

"This merger has created an exceptional platform for operational execution and future growth," said Chad Gottesman, CEO of the newly combined entity.

"Each company is contributing strategic assets, experienced personnel, and operational capabilities. More importantly, we have created a management team with deep expertise in renewable energy project development as well as extensive experience in commercial land development, finance, and real estate law. By consolidating the broad experience of our operations and executive personnel and taking advantage of an infusion of equity, new strategic opportunities have already started to emerge."