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Pangea
11-21-2008, 04:16 PM
Appalachian Solar Energy announced today that it has been acquired by Vanir Energy LLC, a subsidiary of Vanir Group of Companies Inc. Vanir Energy will be headquartered in Fletcher and staffed by the former personnel of Appalachian Solar Energy with support from Vanir management in Sacramento, Calif.The announcement, which was made during the AdvantageWest Annual Banquet at the Grove Park Inn in Asheville, was well-received by the federal, state and local leaders in attendance because it means $14 million will be invested in solar thermal technology projects throughout North Carolina in 2009.

Vanir Energy will own and operate the solar thermal systems it installs, allowing its customers to "go solar" without making capital expenditures.

"This represents more great news in our growing environmental enterprises cluster because it means new jobs, an influx of targeted capital and momentum to put Western North Carolina on the map as the sustainability capital of the U.S.A. as we pursue worldwide leadership," said Dale Carroll, CEO of AdvantageWest, the regional Economic Development Commission based in Asheville. "This announcement is right on track with a major initiative we call 'AdvantageGreen,' a green-collar jobs strategy the AdvantageWest board and staff began to devise in 2007 as part of our Vision Plan. Vanir Energy is proof positive that AdvantageGreen is an idea whose time has come."

Andrew Tate, President and CEO of the Henderson County Partnership for Economic Development, said: "We're tremendously proud that a company with roots in Fletcher has become a national player in the alternative energy revolution."

With more than 30 years of construction management and development experience, Vanir Energy is well positioned to lead North Carolina and the nation in converting to solar thermal power, said Steve Hunter, COO of Vanir Energy.

"Our immediate focus will be to own and operate $14 million worth of solar installations in North Carolina," Hunter said.

The world's largest solar thermal installation for heating and cooling

Executive Vice President Scott Clark said the first Vanir project will be a solar thermal installation at Fletcher Business Park, a 900,000-square-foot facility where the company is headquartered.
"With the Fletcher Business Park project, we're creating 58 jobs in less than 60 days," Clark said.

The business park will be the largest installation of solar thermal heating and cooling technology in the world, according to the International Energy Agency.* The 640 panels will produce 1.5 megawatts of power. Vanir Energy will own and operate the system at no capital expenditure to Fletcher Business Park, a model the company plans to repeat across the state.

Hunter told the audience at the AdvantageWest banquet that "the Fletcher Business Park project is the first step in achieving Vanir Energy's vision to be a worldwide leader in providing cost-effective alternative energy solutions for our clients while providing for the needs of our people and communities in which we work."



Note: Fletcher Business Park will be the largest installation of solar thermal heating and cooling technology in the world, according to a database maintained by the Solar Heating and Cooling Program of the Paris-based International Energy Agency.

About Vanir Energy
Vanir Energy is a North Carolina-chartered business and a subsidiary of Vanir Group of Companies Inc., a woman- and minority-owned business enterprise (WMBE) with a diversified portfolio of construction, construction management, real estate development and energy service companies. Vanir Group of Companies is headquartered in Sacramento, Calif. with offices located throughout the United States and Dubai.

About AdvantageWest
AdvantageWest Economic Development Group is Western North Carolina's regional economic development commission. Chartered by the North Carolina General Assembly in 1994, AdvantageWest is a non-profit, public-private partnership whose primary focus is marketing the North Carolina mountains to corporations seeking to relocate or open a new facility, expand an existing business within our region, and those who might otherwise improve the quality of life for citizens within our region through activities such as filmmaking, entrepreneurship and tourism. For more information, visit advantagewest.com.



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