Real Goods Solar Aquires Independent Energy Systems

BOULDER, Colo.--(BUSINESS WIRE)--Real Goods Solar, Inc. (NASDAQ: RSOL), a leading residential solar energy integrator, announced today that it has expanded its solar energy integration business through the acquisition of Independent Energy Systems, Inc. (IES) of Santa Cruz, CA. This transaction represents the Company’s third acquisition in less than a year. IES, a primarily residential solar energy integrator, had approximately $6 million of revenue in 2007 and positive operating income. Consideration paid, including debt assumed, was within Real Goods Solar’s target range of paying between 50 - 60% of 2007 revenues and consistent with its strategy of driving profitable growth through the acquisition of established market leaders with reputations for quality.

“We are very excited about strengthening our position in Northern California by teaming up with an established local market leader that shares our values and is completely dedicated to the growth of solar energy,” said John Schaeffer, CEO of Real Goods Solar. “IES is a good example of leveraging our existing infrastructure with strategic acquisitions of companies that have an established loyal customer base, a good cultural fit, compatible geography and realizable synergies.”

“As the founder of Independent Energy Systems, it has always been of paramount importance to me that we install high quality, well designed systems and ensure our customers are pleased with our finished product,” said Bob Evans, Founder and President of Independent Energy Systems. “Real Goods is the original solar company, has a powerful brand and a philosophy that is very compatible with IES; all key factors in our decision to team up with John and his team. I am pleased that IES will continue to be a local company intimately connected with the Santa Cruz community, with new skills bolstered by Real Goods’ 30-year history.”