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ET | Source: RGS Energy

DENVER, May 21, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the exclusive worldwide licensee of POWERHOUSE™, an innovative and visually stunning solar shingle system using technology developed by The Dow Chemical Company, has released its preliminary POWERHOUSE™ 3.0 pricing for homebuilders.

Many homebuilders already offer solar solutions at their communities, driven by homeowners’ demand for electricity savings and sustainable energy solutions. Further, California’s new solar mandate requires almost all new homes, condos and apartment buildings be equipped with solar power beginning in 2020. RGS expects this new mandate to drive even greater demand for POWERHOUSE™ 3.0 as homebuilders seek the most affordable option.

Homebuilders will have a few options. They can install a traditional rack & mount solar array on the new roof top, or opt for a solar shingle like POWERHOUSE™ or Tesla Solar Roof. However, RGS believes POWERHOUSE™ will be the most affordable solution for homebuilders, as costs are blended with general roof installation.

Preliminary Price Comparison of POWERHOUSE™ vs. Other Solar Roof Solutions

  Rack Mounted
Solar System +
Full Asphalt Roof

  Tesla
Solar Roof = Full
Roof

  POWERHOUSE™
Solar Shingle +
Asphalt Roof

Cost of asphalt roof, 2,776 sqft home1 $7,728     $0     $5,093  
Solar system size (watts) 6,000     6,000     6,000  
Cost of roof installation per watt $1.29     $0.00     $0.85  
Cost of solar system installation in watts                
Nationwide Average2 $3.73              
Tesla (full roof with solar)3       $8.14        
RGS POWERHOUSE™                
Equipment kit4             $2.80  
Installation labor5             $0.25  
Electrical BOS5             $0.25  
All in Cost to Homebuilders $5.02     $8.14     $4.15  
                 

       1.    National Association of Home Builders, “Cost of Constructing a Home,” posted December 1, 2017
       2.    energysage, “How Much Do Solar Panels Cost in the U.S. in 2018?”, posted April 22, 2018.
       3.    energysage, “Tesla solar roof cost vs. solar panels: worth the premium?”, posted April 22, 2018.
       4.    POWERHOUSE™ kit includes shingles, inverter, monitoring and non-electrical balance-of-system.
       5.    pickmysolar.com, “The Cost of Solar,” posted October 21, 2016.

“We believe that POWERHOUSE™ 3.0 offers the most compelling value proposition to homebuilders,” said Brad Bentzen, RGS’ Director of POWERHOUSE™. “POWERHOUSE™ will have the lowest cost, be easy to install and can be blended with the general construction. It will also be aesthetically pleasing, with panel efficiency in-line with the majority of traditional solar panels, and use technology developed by a trusted brand, the Dow Chemical Company.”

Follow the company’s progress towards the launch of POWERHOUSE™ 3.0 by visiting the PowerLines news section at www.RGSPOWERHOUSE.com.

Next Generation POWERHOUSE™ 3.0
By coupling roofing with an energy saving solar panel in a singular product, the POWERHOUSE™ Solar Shingle uniquely addresses the needs of residential homeowners that seek an affordable visually stunning solar option. POWERHOUSE™ is designed to work with asphalt roofs, which represent about 85 percent of U.S. homes. Currently, more than 1,000 homeowners are enjoying benefits of earlier generations of POWERHOUSE™.

RGS Energy believes POWERHOUSE™ addresses a large, untapped market, appealing to both single-family homeowners and new home builders. The forthcoming POWERHOUSE™ 3.0 is designed to maintain or improve upon earlier generation product features, while substantially reducing manufacturing costs. POWERHOUSE™ 3.0 will offer a more competitive value proposition, even after the recently imposed tariff on imported solar cells.

RGS Energy estimates if POWERHOUSE™ achieves a 1% share of the re-roof and new home build markets, the product could be propelled to the billion-dollar revenue mark.

About RGS Energy 

RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs traditional retrofit solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s plans for the commercialization of the POWERHOUSE™ 3.0 Solar Shingle, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “forecast,” “project,” “expect,” “plan,” “future,” “believe,” “may,” “hypothetical,” “will,” “anticipate,” and similar expressions as they relate to RGS Energy are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the actual pricing of and demand for POWERHOUSE™ 3.0; the impact a POWERHOUSE™ 3.0 roof will have on the marketability of a home or building; RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and its obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; competition in the built-in photovoltaic solar system business; and changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements or forward-looking hypothetical examples made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement or forward-looking hypothetical example, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact:
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Believes New POWERHOUSE™ 3.0 Offers...

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ET | Source: Savosolar Plc

multilang-release

Savosolar Plc
Company Announcement            21 May 2018 at 9:00 (CEST)

Savosolar has agreed on a 12-month extension for the maturity date of capital loans with Finnvera Oyj and Suur-Savon Osuuspankki

Savosolar Plc has agreed on a 12-month extension for the maturity date of capital loans with its creditors Finnvera Oyj and Suur-Savon Osuuspankki. After the agreed extension, the capital loans in the total amount of EUR 1.431 million will mature on 31 December 2019 instead of 31 December 2018 which was the original maturity date of the loans.

"We are very happy to see our creditors support our growth plan in this promising market situation and we want to thank them for the trust they've shown in us this way," says Managing Director Jari Varjotie.

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 21 May 2018 at 9:00 a.m. (CEST).

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

Read more: Savosolar has agreed on 12-mth ext. for maturity...

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ET | Source: Albioma

multilang-release

Albioma Solar Réunion carried out the refinancing of the portfolio of photovoltaic projects in the Indian Ocean and established credit facilities to finance the Group's new projects in the same area for the next 18 months.

The financing, amounting to nearly €110 million, will enable the Albioma Group to optimise the financing of its existing projects and to extend the maturity of the current debt while securing the future financing of projects won under recent invitations to tender launched by the French Energy Regulatory Commission (Commission de Régulation de l'Énergie - CRE) or under feed-in tariffs.

This innovative financing, of a portfolio combining several distinct projects, secures the Group's growth over the next few years in the photovoltaic business in the Indian Ocean region under very attractive conditions.

The operation is carried out with Caisse d'Épargne CEPAC as lead arranger. Bpifrance and BRED took part in the transaction. Natixis is the only hedging bank for the transaction.

 

Albioma is the leading generator of photovoltaic power in Overseas France where it develops and operates innovative projects with integrated storage capabilities. Recently, the Group announced the construction of 51 photovoltaic installations on the roofs of the SHLMR (low-income housing rental company on Reunion Island), with a total capacity of 4.8 MWp.

 

Next on the agenda: Annual General Meeting of shareholders at 3 pm on 30 May 2018 in the auditorium of the Capital 8 Conference Centre, 32 rue de Monceau, 75008 Paris.

 

About Albioma

An independent responsible energy producer, Albioma is committed to the energy transition thanks to biomass and photovoltaics. 

The Group, which is established in Overseas France, Mauritius and Brazil, has developed a unique partnership for 20 years with the sugar industry, to produce renewable energy from bagasse, a fibrous residue from sugar cane.

Albioma is also the leading generator of photovoltaic power overseas where it constructs and operates innovative projects with integrated storage capabilities.

For more information, follow us on Twitter, Facebook and LinkedIn and visit www.albioma.com

Investor contact

Julien Gauthier
+33 (0)1 47 76 67 00

Media contact

Charlotte Neuvy
+33 (0)1 47 76 66 65
This email address is being protected from spambots. You need JavaScript enabled to view it.

Albioma shares are listed on Euronext Paris (sub B) and eligible for the deferred settlement service (SRD) and PEA-PME plans.

ISIN FR0000060402 - Ticker: ABIO

Read more: ALBIOMA : signature of a €110 million financing...

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ET | Source: RGS Energy

DENVER, May 10, 2018 (GLOBE NEWSWIRE) -- A “new day is dawning” for the POWERHOUSE™ brand of in-roof solar shingles, which Dow Chemical Company has licensed RGS Energy (NASDAQ:RGSE), according to a new article published by Plastics News, a leading publication covering the plastics industry.

The article highlights the progress RGS Energy has made toward UL certification of the next-generation version of the solar shingle, and the ongoing preparation by the company’s supply chain manufacturing partners for the upcoming product launch.

The full article, ‘Supply Chain Partners Ready for Powerhouse Shingles to Shine,’ is available under the ‘RGS In the News’ section at RGSPOWERHOUSE.com or by clicking here.

About Plastics News
Plastics News has the North American Plastics Industry's largest readership, with 45,325 subscribers on average to the weekly publication. 88% readers use Plastics News as their primary source of industry information. Plastics News has a strong global footprint through its international platforms including Plastics News Europe and Plastics News China. For more about the Plastics News, go to www.plasticsnews.com.

About RGS Energy 
RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

Follow the company’s progress towards the planned launch this summer of POWERHOUSE™ 3.0 by  visiting the PowerLines news section at RGSPOWERHOUSE.com.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.  

Forward-Looking Statements and Cautionary Statements
The Plastics News article this press release refers to contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s plans for the commercialization of the POWERHOUSE™ 3.0 solar shingle, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “forecast,” “project,” “expect,” “plan,” “future,”  “may,” “hypothetical,” “will,” “anticipate,” “estimate,” “could,” and similar expressions as they relate to RGS Energy are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and its obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles be competitive; the performance of POWERHOUSE™ 3.0 and its ability to generate cost-effective cost-savings to customers; cost and availability of raw materials; competition in the built-in photovoltaic solar system business; [rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government subsidies and incentives for solar energy; the continuation and level of utility and state incentives for solar energy; and changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets].

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements or forward-looking hypothetical examples made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement or forward-looking hypothetical example, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact:
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy: Supply Chain Partners Ready for...

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ET | Source: Savosolar Plc

multilang-release

Savosolar Plc                                                     
Company Announcement                            21 May 2018 at 9:00 (CEST)

Notice to the Extraordinary General Meeting of Savosolar Plc.

Notice is given to the shareholders of Savosolar Plc. to the Extraordinary General Meeting to be held on Tuesday, 12 June 2018 at 9:30 (EET) at Sitra meeting room "Edison" at the address Itämerenkatu 11-13, 00180 Helsinki, Finland. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 9:00 (EET).

A. Matters on the agenda of the General Meeting

At the General Meeting, the following matters will be considered:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and to supervise the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the list of votes

6. Authorizing the Board of Directors to decide on issuance of shares, options and other special rights

The Board of Directors proposes that the General Meeting authorizes the Board of Directors to decide, in one or more transactions, on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act as follows:

The number of shares to be issued based on the authorization may in total amount to a maximum of  400,000,000 shares, representing approximately 305.93 per cent of the company's shares on the date of this notice.

The Board of Directors decides on all the terms and conditions of the issuances of shares and of options and other special rights entitling to shares. The issuance of shares and of options and other special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue), if there is a weighty financial reason for the company.

Shares may be conveyed either against payment or free of charge in the company's share issues. A directed share issue may be a share issue without payment only if there is an especially weighty reason for the same both for the company and in regard to the interests of all shareholders in the company.

The authorization replaces the authorization granted by the Annual General Meeting on 27 March 2018 to the Board of Directors to resolve on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act. The authorization shall be valid until 11 June 2023.

7. Closing of the meeting

B. Documents of the General Meeting

The proposals relating to the agenda of the General Meeting as well as this notice are available on Savosolar Plc.'s website at www.savosolar.com. The documents mentioned above are also available at the meeting and copies of them will be sent to shareholders upon request. Minutes of the General Meeting are available on the above-mentioned website as from 26 June 2018 at the latest.

C. Instructions for the participants

1. Shareholder registered in the shareholders' register
Each shareholder who is registered on Thursday, 31 May 2018 in the shareholders' register of the company held by Euroclear Finland Ltd., has the right to participate in the General Meeting. A shareholder, whose shares are registered on his/her/its personal Finnish book-entry account, is registered in the shareholders' register of the company.

A shareholder, who wants to participate in the General Meeting, shall register for the meeting no later than 7 June 2018 at 4.00 p.m., by which time the registration shall be received. The registration may take place:

  1. at Savosolar Plc.'s website at www.savosolar.com;
  2. by e-mail to address This email address is being protected from spambots. You need JavaScript enabled to view it.;
  3. by phone to number +358 10 271 0810 (Mon-Fri at 10 a.m. to 4 p.m.) or
  4. by mail to Savosolar Plc., General Meeting, Insinöörinkatu 7, 50150 Mikkeli, Finland.

In connection with the registration a shareholder shall notify his/her/its name, personal identification number, address, phone number, email address and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative. The personal data given to Savosolar Plc. is used only in connection with the General Meeting and the processing of related necessary registrations and for shareholder communication. Shareholder, his/her/its representative or proxy representative shall, when necessary, be able to prove his/her/its identity and/or right of representation.

2. Nominee-registered shares
A holder of nominee-registered shares has the right to participate in the General Meeting by virtue of shares based on which he/she/it on the record date of the meeting, i.e. on 31 May 2018, would be entitled to be registered in the shareholders' register of the company held by Euroclear Finland Ltd. The right to participate in the General Meeting requires, in addition, that the shareholder has on the basis of such shares been registered into the temporary shareholders' register of the company held by Euroclear Finland Ltd. at the latest on 7 June 2018 by 10.00 a.m. (EET). As regards nominee- registered shares this constitutes a due registration for the General Meeting.

A holder of nominee-registered shares is advised without delay to request necessary instructions regarding the registration in the temporary shareholder's register of the company, the issuing of proxy documents and registration for the General Meeting from his/her/its custodian bank. The account management organization of the custodian bank has to register a holder of nominee-registered shares, who wants to participate in the General Meeting, into the temporary shareholders' register of the company at the latest on the date and time mentioned above.

3. Shares registered at Euroclear Sweden AB
Shareholder whose shares are registered in the securities system of Euroclear Sweden AB and who wants to participate in the General Meeting and use his/her/its voting right, shall be registered at the shareholder's register held by Euroclear Sweden AB on 31 May 2018 at the latest.

In order to be entitled to request for temporary registration in the shareholder's register of Savosolar Plc. held by Euroclear Finland Ltd., a shareholder of nominee-registered shares shall request that his/her/its shares are temporarily registered under his/her/its own name in the shareholder's register held by Euroclear Sweden AB and to ensure that the custodian bank will send the above-mentioned request for temporary registration to Euroclear Sweden AB. The registration shall be made on 31 May 2018 at the latest, and therefore a shareholder shall give the request to his/her/its custodian bank in good time prior to the above date.

Shareholder, whose shares are registered in the securities system of Euroclear Sweden AB and who intends to participate in the General Meeting and use his/her/its voting right, shall request for a temporary registration of his/her shares to the shareholder's register of Savosolar Plc. held by Euroclear Finland Oy. The request to Savosolar Plc. shall be made in written at the latest on 1 June 2018 at 10.00 a.m. Swedish time (CET). The temporary registration through Savosolar Plc. constitutes a due registration to the General Meeting.

4. Proxy representative and powers of attorney
A shareholder may participate in the General Meeting and exercise his/her/its rights at the meeting by way of proxy representation.

A proxy representative shall produce a dated proxy document or otherwise provide reliable evidence of the right to represent the shareholder. The authorization applies to one meeting, unless otherwise stated. When a shareholder participates in the General Meeting by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

Possible proxy documents should be delivered to in originals to Savosolar Plc., General Meeting, Insinöörinkatu 7, 50150 Mikkeli, Finland before the end of the registration period.

5. Other instructions and information
Pursuant to Chapter 5 Section 25 of the Finnish Companies Act, a shareholder who is present at the General Meeting has the right to request information with respect to the matters to be handled at the meeting.

The language of the meeting is Finnish.

On the date of the notice to the General Meeting, 21 May 2018, the total number of shares in Savosolar Plc. is 130,749,064. Each share carries one vote at General Meeting.

In Helsinki, 21 May 2018

SAVOSOLAR PLC
Board of Directors

For more information:

Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 21 May 2018 at 9:00 (CEST).

Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The Company's Certified Adviser is Augment Partners, tel. +46 8 505 65 172.

Read more: Notice to the Extraordinary General Meeting of...

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ET | Source: RGS Energy

DENVER, May 14, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the exclusive worldwide licensee of POWERHOUSE™, an innovative and visually stunning solar shingle system using technology developed by The Dow Chemical Company, expanded its May 11, 2018 press release to include a backlog rollforward and reconciliation of pro forma stockholders’ equity. RGS also corrected errors in the financial summary.

Financial Summary:

($000’s omitted)   1st Quarter
2018
(reported)
  Pro Forma
Adjustments
(Unaudited)
Pro Forma
as if April 9, 2018
Capital Raise closed
on March 31, 2018

(Unaudited)
  1st Quarter
2017

(reported)
 
Pro Forma Cash $303   $4,371 $4,674 $14,077  
Convertible Debt, net*   1     1,280   1,281   1  
Pro Forma shareholders’ equity   3,352     3,091   6,443   17,886  
Working capital   807     3,091   3,898   15,857  
Operating cash outflow   (2,459 )       (4,152 )
Net loss   (4,338 )       (4,034 )

*Preliminary estimated value of convertible notes, net of transaction costs and debt discount for common stock warrants issued.


Backlog Rollforward:

($000’s omitted)   1st Quarter 2018
(reported)
    1st Quarter 2017
(reported)
 
Backlog at December 31st   $12,765     $9,375  
Bookings from new awards (“Sales”)   7,488     3,035  
Cancellations and reductions on existing contracts   (3,859 )   (1,646 )
Net Sales   3,629     1,389  
Amounts recognized in revenue upon installation   (2,507 )   (3,372 )
Backlog at March 31st   $13,887     $7,392  


Corrections to May 11, 2018 Financial Summary:

($000’s omitted) May 14, 2018
Corrected
May 11,2018
Press Release
Net Sales $3,629 $4,243
Pro Forma Convertible Debt, net   1,281   2,000

Management Commentary

“We expect 2018 to be a truly transformative year for RGS,” said Dennis Lacey, CEO of RGS Energy. “We turned our focus on the tremendous market opportunity with POWERHOUSE™.  This opportunity gained a huge boost last week with the new California solar mandate for new residential construction. There are also significant competitive barriers to entry with in-roof solar shingles, and we believe we have the most economical and aesthetically pleasing solution.”

“Even before the California mandate, we already believed there would be great demand for this product, and we have been busily introducing POWERHOUSE™ to local roofers. In fact, we’ve already received written reservations for first deliveries. These reservations currently exceed an estimated $19 million in potential revenue, and we expect much more in the coming months. So, as we start POWERHOUSE™ production and sales we expect our quarterly operating income to turn positive in 2019.”

Conference Call
RGS Energy will hold a conference call to discuss its first quarter 2018 financial results.

Date: Monday, May 14, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 6375171
Webcast: http://public.viavid.com/index.php?id=129765

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 21, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 6375171

About RGS Energy
RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements
The preliminary estimated value of the convertible notes discussed above is subject to the completion by a a valuation by a third party expert. Therefore, the actual value may differ materially from the estimated value and the preliminary estimated value of the convertible notes is subject to change.

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “believe,” “plan,” “expect,” “future,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; competition in the built-in photovoltaic solar system business; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; RGS Energy’s ability to obtain future written reservations for POWERHOUSE™ deliveries; RGS Energy’s ability to realize revenue from sales of Powerhouse arising from the California Energy Commissions’ mandate for solar systems with new home building commencing in 2020; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government subsidies and incentives for solar energy; the continuation and level of utility and state incentives for solar energy; changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets; and RGS Energy’s ability to successfully implement its revenue growth strategy, achieve its target level of sales, generate cash flow from operations, and achieve break-even and better results.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, for 2017, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties.  Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it. 

Read more: UPDATE - RGS Energy Corrects and Expands First...

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ET | Source: RGS Energy

DENVER, May 10, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the exclusive worldwide licensee of POWERHOUSE™, an innovative and visually stunning solar shingle system using technology developed by The Dow Chemical Company, expects California’s new 2020 solar mandate to drive even greater demand for POWERHOUSE™ 3.0.

The California Energy Commission held a board vote on May 9 that established a new solar standard and mandate. Beginning in 2020, it requires on almost all new homes, condos and apartment buildings be equipped with solar power. While many municipalities across the country have enacted similar renewable energy mandates, California was the first to implement such a solar mandate statewide.

In California, currently only 15 to 20 percent of new single-family homes are built with solar power, according to the California Building Industry Association. So, the impact of the new mandate could boost this market by five or six times.

The Dow Chemical Company sold earlier generations of the POWERHOUSE™ product to state and national homebuilders, as well as local roofing companies.  RGS’ plans to commercialize the next generation product, POWERHOUSE™  3.0, with direct sales to homebuilders and local roofing companies, each of whom will be trained by RGS to sell and install the product before becoming a POWERHOUSE™ Dealer. 

POWERHOUSE™ 3.0 has significant advantages over traditional retrofit solar systems. In addition to being visually stunning, when building a new home the overall cost to install a built-in-photovoltaic (“BIPV”) system is comparatively less. RGS believes this is another “moat,” allowing it to have a competitive advantage in the solar marketplace.

To best serve POWERHOUSE™ Dealers, the company has appointed former Dow Solar field technical specialist, John Hardwick, as vice president of construction services.

“Joining the RGS POWERHOUSE™ team allows me to continue the mission of transforming the world of solar with revolutionary products,” said Hardwick. “My years of field experience with this product will support RGS Energy’s successful launch and rapid market acceptance of the product. For meeting this new mandate, I believe it will be the most economical and visually pleasing solution available in California.”

Dennis Lacey, RGS Energy’s CEO, commented: “Having been essential to homebuilder and local roofer relations at Dow Solar, John brings deep knowledge and experience in solar engineering and training programs. He will be instrumental in helping us meet the expected demand and make it easier for homebuilders and local roofers to become RGS POWERHOUSE™ dealers.”

John Hardwick Bio

At Dow Solar, based in Southern California, Hardwick was responsible for POWERHOUSE™ sales in California and Texas. He also oversaw training and operational support for Dow Solar’s roofer and homebuilder partners in California, Texas, Colorado, North Carolina, New York, New Jersey and Hawaii. He was also responsible for the safety of all Dow Solar field technicians.

Prior to Dow Solar, Hardwick worked as a senior project engineer and training manager for the Solar Energy Solutions Group of SHARP Electronics Corporation. At SHARP, he developed and implemented an industry-leading training program that created a network of 2,500 certified installers for Sharp photovoltaic systems. The program received recognition and acceptance from several testing and accreditation boards, including The North American Board of Certified Energy Practitioners.

Hardwick holds a dual Bachelor of Science in Energy and Manufacturing Engineering from James Madison University.

Follow the company’s progress towards the planned launch this summer of POWERHOUSE™ 3.0 by visiting the PowerLines news section at www.RGSPOWERHOUSE.com.

About RGS Energy 

RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs traditional retrofit solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s plans for the commercialization of the POWERHOUSE™ 3.0 Solar Shingle, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “forecast,” “project,” “expect,” “plan,” “future,” “believe,” “may,” “hypothetical,” “will,” “anticipate,”  and similar expressions as they relate to RGS Energy are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and our obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated;  competition in the built-in photovoltaic solar system business; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government subsidies and incentives for solar energy; the continuation and level of utility and state incentives for solar energy; and changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements or forward-looking hypothetical examples made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement or forward-looking hypothetical example, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact:
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Sees New California 2020 Solar...

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ET | Source: Savosolar Plc

multilang-release

Savosolar Plc
Company Announcement            21 May 2018 at 9:00 (CEST)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE USA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.

Savosolar announces its plan to arrange a rights issue of approximately EUR 3.5 million and discloses financial information for the period 1 January - 31 March 2018

The Board of Directors of Savosolar Plc ("Savosolar" or the "Company") has decided to arrange a partially underwritten rights issue totalling approximately EUR 3.5 million (the "Offering") with additional warrants enabling the Company to raise up to a maximum of approximately EUR 3.3 million (the "Warrants"), under the condition that the Extraordinary General Meeting to be summoned today gives authorization to the Board of Directors to resolve on the Offering and the issuance of Warrants. The Offering is expected to consist of a maximum of 174,332,085 new shares (the "Offer Shares"). The Offer Shares would constitute approximately up to 57.1 per cent of all shares in the Company should the Offering be fully subscribed. New information regarding financials of the Company for the period 1 January - 31 March 2018 has also been released.

Summary of the Offering

  • The Company sees that the market has finally become active again, signing its first large order outside Denmark and winning its largest tender to date in Denmark. However, due to the temporary downturn in the market, the Company is in need of working capital.
  • In the Offering, Savosolar is planning to give all its shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland Ltd ("Euroclear Finland") or Euroclear Sweden AB ("Euroclear Sweden") one (1) book-entry subscription right (the "Subscription Right") for every one (1) share held on the Offering record date. Three (3) Subscription Rights entitle the holder to subscribe for four (4) Offer Shares.
  • The subscription price is expected to be EUR 0.02 per Offer Share. The subscription price includes a discount of approximately 66.1 per cent compared to the current share price.
  • The record date for the Offering is planned to be 18 June 2018 with the last day of trading including the Subscription Rights on 14 June 2018 and the first day of trading excluding the Subscription Rights on 15 June 2018.
  • The subscription period for the Offer Shares (the "Subscription Period") is expected to commence on 21 June 2018 at 09:30 Finnish time (08:30 Swedish time), and it is expected to end on 10 July 2018 at 16:30 Finnish time (15:30 Swedish time) in Finland and on 6 July 2018 in Sweden at 16:30 Finnish time (15:30 Swedish time).
  • Augment Partners AB ("Augment Partners") has received a mandate to acquire professional investors for the Company during the Subscription Period of the Offering, so that the investments received through them is a maximum of approximately EUR 0.9 million (the "Directed Issue"). Investors who are procured by Augment Partners will primarily take part in the Offering, and additionally a separate directed issue to them can be arranged with the same Subscription Price, if the Offering is fully subscribed. The number of shares to be issued in the possible Directed Issue would amount to maximum of 43,583,021 shares, i.e. approximately 12.5 per cent of the total amount of shares in the Company after the Offering and the possible Directed Issue, assuming that the Offering and the possible Directed Issue are both fully subscribed. The Board of Directors shall decide on the possible Directed Issue approximately on 13 July 2018, while resolving on approval of the subscriptions received in the Offering.
  • In addition, Savosolar is planning to offer each subscriber of the Offer Shares one (1) warrant (the "Warrant") free of charge for every two (2) Offer Shares subscribed and paid for in the Offering, the subscription of which the Board of Directors has approved. Savosolar is planning to make a similar offer also to investors who will participate in the possible Directed Issue. Each Warrant would entitle its holder to subscribe for one (1) new share in the Company during the time period between 26 November 2018 - 10 December 2018. The subscription price for the shares subscribed based on the Warrants will be defined based on volume weighted average price of the Company's shares in First North Finland during the time period between 12 November 2018 - 23 November 2018 with a discount of 25 per cent. However, the subscription price shall not be less than EUR 0.02 per share nor higher than EUR 0.03 per share. The maximum number of Warrants would be 87,166,043 if the Offering is fully subscribed, and 108,957,553 if both the Offering and Directed Issue are fully subscribed.
  • Approximately EUR 3.5 million before the transaction costs is expected to be raised in the Offering if the Offering is fully subscribed and additionally approximately EUR 0.9 million before the transaction costs in the Directed Issue if the Directed Issue is arranged and fully subscribed. A maximum of approximately EUR 3.3 million will be raised through the Warrants if the maximum number of Warrants is issued and if all the Warrants are used for subscription of new shares at the maximum subscription price of EUR 0.03 per share.
  • The Offering is secured to 80 per cent by current shareholders and external underwriters. The external underwriters are entitled to receive their underwriting compensation either in cash or in new shares of the Company by setting off the underwriting compensation against the subscription price of the new shares in a directed share issue to be conducted after the Offering, if necessary.

Reasons for the Offering and use of proceeds

Until recently, Denmark was the only active market in the segment for large solar collector fields and systems. Even though market analysts predicted that new markets both in Europe and elsewhere would be activating earlier, it was not until 2017 that Savosolar started seeing real activity in other markets. With Savosolar's award-winning products and due to the intensified sales actions in the past 18 months, the Company has been invited to almost all notable tenders in Europe, signing its first large-scale order outside Denmark and winning its largest tender ever during the spring 2018. The order, with a collector area exceeding 4,000 m2 to newHeat SAS will be the largest solar thermal field ever built in France and first in the world installed on a one-axis tracking system. The tender won by the Company in Denmark, with a total collector area of approximately 20,000 m2 to Grenaa Varmevaerk, is worth approximately EUR 3.0 million  and would be the Company's largest order to date.

This means, that after many years of proving its technology to the market and signing orders on the competitive Danish market, Savosolar has finally been able to take a leap forward towards its vision of becoming the global first-choice supplier to high performance solar installations. While delivering to large collector fields in Europe as well as with strong partnerships around the world, e.g. in China, Latin America, Australia and Africa, the Company believes it is ready to take on the global market.

Due to the temporary downturn because of the Danish government's delayed decisions of the terms concerning renewable energies and longer-than-expected processing times in other markets since the end of 2016, the Company is in need for more working capital.

The Company aims to raise approximately EUR 3.5 million through the Offering and may raise additionally approximately EUR 0.9 million through the Directed Issue if the Directed Issue is arranged and fully subscribed. The Warrants would enable the Company to raise additionally up to approximately EUR 3.3 million if the maximum number of Warrants is issued and if all the Warrants are used for subscription of new shares at the maximum subscription price of EUR 0.03 per share.

The proceeds from the Offering will be used for working capital so that the Company can deliver signed and upcoming orders in 2018-2019 and continue to streamline Savosolar's operations to match profitability targets and the increasing demand globally.

Financial information that has not been published before (unaudited)

INCOME STATEMENT

EUR thousand 1 January 2018 - 31 March 2018
  FAS (unaudited)
Revenue 253.4
Other operating income 12.4
   
Materials and services  
Material, supplies and goods  
Purchases -267.0
Inventory increase / decrease 244.8
External services -181.5
Total materials and services -203.8
   
Personnel costs  
Wages and salaries -456.6
Social security costs -45.0
Pension costs  
Other personnel expenses  
Total personnel costs -501.5
   
Depreciation, amortisation and write-downs -168.1
   
Other operating expenses -586.0
   
OPERATING PROFIT (LOSS) -1,193.6
   
Financial income and expenses  
Interest and other financial income  
Interest and other financial expenses  
Total financial income and expenses -27.1
   
   
NET PROFIT (LOSS) -1,220.7

BALANCE SHEET

ASSETS

EUR thousand 31 March 2018
  FAS (unaudited)
FIXED ASSETS  
Intangible assets  
Development costs 1,028.7
Intangible rights 154.5
Other long-term expenses 347.2
Total intangible assets 1,530.4
   
Property, plant and equipment  
Machinery and equipment 1,059.7
Total tangible assets 1,059.7
   
Investments  
Shares in group companies 161.9
   
TOTAL FIXED ASSETS 2,751.9
   
CURRENT ASSETS  
Inventories  
Materials and supplies 613.7
Unfinished products 22.2
Finished goods 604.7
Advance payments 13.9
Total inventories 1,254.5
   
Long-term receivables  
Other receivables 221.9
Total long-term receivables 221.9
   
Short-term receivables  
Accounts receivable 171.8
Other receivables 63.4
Prepayments and accrued income 32.6
Total current receivables 267.8
   
Total receivables 489.8
   
Cash and cash equivalents 891.1
   
TOTAL CURRENT ASSETS 2,635.3
   
TOTAL ASSETS 5,387.2

EQUITY AND LIABILITIES

EUR thousand 31 March 2018
  FAS (unaudited)
   
Share capital 470.2
Unrestricted equity fund 24,919.1
Retained earnings -21,735.5
Net profit (loss) -1,220.7
TOTAL SHAREHOLDER'S EQUITY 2,433.1
   
APPROPRIATIONS 120.0
PROVISIONS 171.9
   
Long-term liabilities  
Capital loans 0.0
Loans from financial institutions 382.0
Other liabilities 0.0
Total long-term liabilities 382.0
   
Short-term liabilities  
Capital loans 1,431.3
Loans from financial institutions 200.9
Advance payments 228.7
Trade payables 67.0
Other liabilities 35.8
Accrued liabilities 316.6
Total short-term liabilities 2,280.2
   
TOTAL LIABILITIES 2,662.2
   
TOTAL EQUITY AND LIABILITIES 5,387.2

The Offering

The size of the contemplated Offering will be approximately EUR 3.5 million. The Offering has been secured to 80 per cent.

The Board of Directors of the Company is planning to offer up to 174,332,085 new shares in the Company for subscription in accordance with the shareholders' preferential subscription right, under the condition that the Extraordinary General Meeting to be summoned today gives authorization to the Board of Directors to resolve on the Offering and the issuance of Warrants. All shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland or Euroclear Sweden are planned to be given one (1) book-entry Subscription Right for every one (1) share held in the Company on the Offering record date, which is approximately 18 June 2018. Each three (3) Subscription Rights would entitle their holder to subscribe for four (4) Offer Shares. The Subscription Rights are planned to be registered in the shareholders' book-entry accounts in the book-entry system maintained by Euroclear Finland approximately on 19 June 2018 and in the book-entry system maintained by Euroclear Sweden approximately on 20 June 2018. The Subscription Rights are planned to be freely assigned and they are expected to be traded on First North Finland and First North Sweden between 21 June and 4 July 2018.

After the subscription, temporary shares corresponding to the Offer Shares subscribed for based on the Subscription Rights (the "Temporary Shares") will be entered into the subscriber's book-entry account. The Offer Shares will be entered into the subscriber's book-entry account once they have been entered into the Trade Register, approximately during week 30, 2018. Trading in the Temporary Shares is planned to commence on First North Finland and on First North Sweden as their own special share class approximately on 21 June 2018. The Temporary Shares will be combined with the Company's current shares after the Offer Shares have been registered into the Trade Register. The combination is planned to take place approximately during week 30, 2018 and the Offer Shares are planned to be subject to trading together with the Company's existing shares on First North Finland approximately during week 30, 2018 and on First North Sweden approximately during week 31, 2018.

Planned timetable for the Offering       

14 June 2018 Resolution regarding the Offering by the Board of Directors
14 June 2018 The prospectus is published
14 June 2018 Last day of trading including the Subscription Rights
15 June 2018 First day of trading excluding the Subscription Rights
18 June 2018 Record date for the Offering
21 June - 4 July 2018

21 June 2018

Trading period for the Subscription Rights

Trading starts in Intermediary Shares (BTA)

21 June - 6 July 2018 The Subscription Period for the Offering in Sweden
21 - 10 July 2018 The Subscription Period for the Offering in Finland
13 July 2018 Announcement of outcome of the Offering
Week 30, 2018 Last day of trading in the Temporary Shares on First North Finland
Week 30, 2018 Last day of trading in the Temporary Shares on First North Sweden

Advisers

Augment Partners is acting as financial advisor to the Company in the Offering. Smartius Oy is acting as the legal adviser to the Company on aspects of the Offering related to the Finnish law.

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 21 May 2018 at 9:00 a.m. (CEST).

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

IMPORTANT NOTICE

This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Savosolar has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland and Sweden.

The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by Savosolar.

Read more: Savosolar announces plan to arrange rights issue...

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ET | Source: RGS Energy

DENVER, May 11, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the exclusive worldwide licensee of POWERHOUSE™, an innovative and visually stunning solar shingle system using technology developed by The Dow Chemical Company, reported its results for the quarter ended March 31, 2018 and filed its quarterly report on Form 10-Q. RGS Energy encourages investors to read the filing for a complete report of its results for the quarter.

 
Financial Summary
 
($000’s omitted) Q1 2018
(reported*)
Q1 2017
(reported)
Operational Data:    
Net sales $4,243 $1,390
Total Revenue 2,822 3,663
Residential installation cycle time (days avg for quarter) 114 163
Backlog (at quarter end) 13,887 7,392
     
Financial Data:    
Pro Forma Cash** $4,700 $14,077
Convertible Debt** 2,000 1
Pro Forma shareholders’ equity** 6,400 17,886
Operating cash outflow (2,459) (4,152)
Net loss (4,338) (4,034)
Working capital** 3,900 15,857

*Execept where noted by an “**”
**The pro forma results present the company’s balance sheet as if the net proceeds of the $4.4 million raised on April 6, 2018 was completed on March 31, 2018.

Management Commentary

“We expect 2018 to be a truly transformative year for RGS,” said Dennis Lacey, CEO of RGS Energy. “We turned our focus on the tremendous market opportunity with POWERHOUSE™.  This opportunity gained a huge boost last week with the new California solar mandate for new residential construction. There are also significant competitive barriers to entry with in-roof solar shingles, and we believe we have the most economical and aesthetically pleasing solution. So, as we start production and sales in this market, we expect our quarterly operating income to turn positive in 2019.”

Conference Call
RGS Energy will hold a conference call to discuss its first quarter 2018 financial results.

Date: Monday, May 14, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 6375171
Webcast: http://public.viavid.com/index.php?id=129765

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 21, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 6375171

About RGS Energy
RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “plan,” “expect,” “future,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated;  competition in the built-in photovoltaic solar system business; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government subsidies and incentives for solar energy; the continuation and level of utility and state incentives for solar energy; and changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, for 2017, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties.  Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact

Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
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Read more: RGS Energy Reports First Quarter 2018 Results

Print
ET | Source: Valener Inc.

MONTRÉAL, May 10, 2018 (GLOBE NEWSWIRE) -- Valener Inc. (“Valener”) (TSX:VNR) (TSX:VNR.PR.A), the public investment vehicle in Énergir, L.P., today reported its fiscal 2018 second quarter results. The results of Énergir, L.P., Valener’s primary investment, are also presented in this press release.

Summary of Valener’s results

FINANCIAL HIGHLIGHTS

• Adjusted net income1,2 of $33.9 million for the second quarter of fiscal 2018, up 3% from the second quarter of fiscal 2017

  • Adjusted net income1,2 of $0.87 per share compared to $0.85 per share in the second quarter of fiscal 2017

• Normalized operating cash flows1 of $14.0 million for the second quarter of fiscal 2018, up $2.7 million from the second quarter of fiscal 2017

  • Normalized operating cash flows1 per share of $0.36 compared to $0.29 per share in the second quarter of fiscal 2017.

“Valener’s high-quality assets continued to deliver growth this quarter,” said Pierre Monahan, Chairman of Valener’s board of directors. “Adjusted net income was up 3% year over year, as a result of Énergir’s strong performance.”

  For the three
months ended
March 31
For the six
months ended
March 31
(in millions of dollars, unless otherwise indicated) 2018 2017 2018 2017
Net income 35.0 32.6 49.4 56.7
Net income attributable to common shareholders 33.9 31.5 47.1 54.5
Adjusted net income attributable to common shareholders (1) 33.9 32.9 53.9 53.2
Per common share (in $) (1) 0.87 0.85 1.38 1.37
Normalized operating cash flows (1) 14.0 11.3 25.3 23.5
Distributions received from Énergir, L.P. 14.9 14.1 29.8 28.1
Distributions received from Beaupré Éole and Beaupré Éole 4 2.0 2.4 0.2
Per common share (in $) (1) 0.36 0.29 0.65 0.61

Valener reported adjusted net income attributable to common shareholders of $33.9 million for the second quarter of fiscal 2018 compared to $32.9 million in the second quarter of fiscal 2017. This increase was mainly driven by growth in Énergir, L.P.’s adjusted net income.

In the second quarter of fiscal 2018, Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership and Seigneurie de Beaupré Wind Farm 4 General Partnership (collectively, the “SDB Wind Farms”) generated a combined 297,205 MWh of electric power, down 3.3% given weaker wind conditions than those of the second quarter of 2017 as well as a two-week period of frost in March 2018.

The SDB Wind Farms still generated $15.3 million in operating cash flows during the second quarter of 2018, a $1.5 million year-over-year increase resulting from changes in working capital.

Valener’s second quarter normalized operating cash flows totalled $14.0 million compared to $11.3 million in the second quarter of 2017, mainly from higher distributions received from Énergir, L.P. and the SDB Wind Farms.

Énergir, L.P.

FINANCIAL HIGHLIGHTS

• Adjusted net income1,3 of $150.0 million for the second quarter of fiscal 2018, up $7.5 million from the second quarter of fiscal 2017.

  • Adjusted net income1,3 per unit of $0.87, a 2% increase from the second quarter of fiscal 2017. 

• Québec Energy Distribution (“QDA”): net income of $116.6 million in the second quarter of fiscal 2018, up $2.2 million year over year.

  • QDA’s fiscal 2018 net income is expected to exceed the net income anticipated in the 2018 rate case by at least $6.0 million.

_________________________________________
1 Financial measures not defined by U.S. generally accepted accounting principles (“GAAP”). A reconciliation of non-GAAP financial measures is presented hereafter.
2 Adjusted net income (loss) attributable to common shareholders.
3 Adjusted net income (loss) attributable to Partners.

“Our commercial and geographic diversification strategy continues to pay off,” said Sophie Brochu, President and Chief Executive Officer. “During the second quarter, our energy distribution activities generated excellent results, both in Québec and the United States. Building on a diverse range of renewable and less-emissive energies, Énergir is well positioned to meet the needs of its Québec and U.S. customers while offering its shareholders stable, predictable financial performance.”

BUSINESS HIGHLIGHTS

  • QDA: 4.9% second-quarter increase in normalized natural gas deliveries driven mainly by economic growth in Québec.
  • Gaz Métro Plus Limited Partnership (“Gaz Métro Plus”): $4.4 million gain realized on the sale of server hosting assets in February 2018.
  • Standard Solar Inc.: approximately 10 MW in solar projects completed, 23 MW under construction, and an agreement signed with an investor for the financing of solar farms in exchange for tax attributes (“tax equity partner”), representing a total investment of approximately US$50 million.
  • Portland Xpress project: in order to meet growing demand, Portland Natural Gas Transmission System (“PNGTS”) will need to increase network capacity by adding, among other things, a compressor at the Elliot station. In the meantime, PNGTS will also benefit from future additional work at the East Hereford station of the Trans Québec & Maritimes Inc. (“TQM”) gas pipeline, scheduled for completion in November 2019. These projects are scheduled to come online in November 2020.

U.S. tax reform

In December 2017, the U.S. government adopted exhaustive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“tax reform”) that introduced complex and significant U.S. tax code changes that are applicable to Énergir, L.P.’s U.S. subsidiaries and entities subject to significant influence. The impacts of this tax reform on Énergir, L.P.’s 2018 first quarter consolidated financial statements consisted essentially of a $238.0 million decrease in deferred income tax liabilities, the creation of $246.9 million in regulatory liabilities, and a $24.2 million decrease in net income attributable to Partners. The impact of this reform on net income is mainly attributable to the deferred income taxes related to the portion not included in rate-setting as well as to the downward remeasurement of deferred income taxes related to non-capital loss carryforwards unrelated to rate-regulated activities.

With respect to the rate-regulated operations of Énergir, L.P.’s U.S. subsidiaries and entities subject to significant influence, the tax reform impacts were primarily recognized as regulatory liabilities, as current and deferred income taxes are included during the rate-setting of such entities. The regulatory liabilities recognized following these adjustments equal the amounts expected to be reimbursed through future rates over amortization periods that will subsequently be set and approved by the regulatory agencies. In their respective 2019 rate cases, GMP and VGS proposed different amortization periods that yielded an estimated period of approximately 40 years, based on Internal Revenue Services (“IRS”) normalization rules as well as the nature of the factors that led to the recognition of the deferred income taxes to be returned to customers. The proposed amortization periods were notably impacted by the estimated residual lives of the underlying assets. The amounts to be returned total approximately US$30 million for 2019 and US$4 million for the subsequent years.

Énergir, L.P.’s segment results – Adjusted net income attributable to Partners (1)
 
(in millions of dollars, unless otherwise indicated)    
Segments Q2 2018   Q2 2017   H1-2018   H1-2017  
QDA 116.6   114.4   180.7   178.5  
Distribution in Vermont 36.0   29.6   63.2   56.9  
Natural Gas Transportation 7.1   7.4   11.0   12.9  
Electricity Production 1.3   1.6   2.0   2.4  
Energy Services, Storage and Other 2.0   1.8   3.8   3.2  
Corporate Affairs (13.0 ) (12.3 ) (26.2 ) (22.5 )
Total 150.0   142.5   234.5   231.4  
Basic and diluted weighted average number of units outstanding (in millions) 171.8   167.3   171.8   167.3  
Basic and diluted per unit (in $) 0.87   0.85   1.36   1.38  

For the second quarter of fiscal 2018, and excluding one-time adjustments, Énergir, L.P.’s adjusted net income attributable to Partners totalled $150.0 million compared to $142.5 million in the second quarter of fiscal 2017. This change stems mainly from the favourable impact of a regulatory timing difference in the Québec Energy Distribution segment combined with a strong Québec economy in the second quarter of fiscal 2018, despite the earnings reduction anticipated in the rate case, and the effects of GMP’s favorable rate case parameters.

Énergir, L.P.’s net income attributable to Partners was $154.4 million in the second quarter of fiscal 2018 compared to $142.5 million in second quarter 2017, resulting from the above-mentioned factors and a gain realized on the sale of Gaz Métro Plus’s server hosting assets.

QUÉBEC ENERGY DISTRIBUTION

Énergir, L.P.’s distribution activities carried out through QDA generated net income attributable to Partners of $116.6 million in the second quarter of fiscal 2018, a $2.2 million year-over-year increase that was mainly due to:

  • the favourable impact of a regulatory timing difference, with most of the difference expected to reverse at the end of fiscal 2018; and
  • the favourable impact of an increase in normalized natural gas deliveries as a result of the strong Québec economy;

partly offset by various parameters in QDA’s 2018 rate case, as filed with the Régie de l’énergie (the “Régie”), which had anticipated net income of $132.7 million for fiscal 2018, down $14.9 million from fiscal 2017.

Given the change in volumes during the first six months of fiscal 2018, Énergir, L.P. now expects fiscal 2018 net income generated by the Québec Energy Distribution segment to exceed the net income anticipated in the 2018 rate case by at least $6 million.

2019 rate case

Phase 1

In October 2017, QDA submitted a proposal to the Régie seeking the renewal, for its 2019 rate case, of the authorized rate of return on deemed common equity and of the performance sharing mechanism currently in place. In December 2017, the Régie issued a favourable decision under which it renewed, for the 2019 rate year, the 8.90% rate of return on deemed common equity as well as the performance sharing mechanism in effect since fiscal 2015.

Phase 2

In March and April 2018, QDA filed Phase 2 of its 2019 rate case with the Régie. It presents, among other things, an overall average decrease in rates of 4.1% and an average rate base of $2,154 million, up $36 million from the 2018 rate case. The decrease in rates stems mainly from transportation and load-balancing services given the lower TCPL rates in effect since January 1, 2018 as well as from the net impact of amounts to be returned to customers related to the overearnings and shortfalls realized in fiscal years 2017 and 2016. The higher rate base is attributable to the general increase in property, plant and equipment investment projects in recent years, such as, among other things, the project to improve and strengthen the Saguenay region transmission system. The Régie is expected to issue a decision in autumn 2018.

ENERGY DISTRIBUTION IN VERMONT

Through Green Mountain Power Corporation (“GMP”) and Vermont Gas Systems, Inc. (“VGS”), the Energy Distribution segment in Vermont recorded adjusted net income attributable to Partners of $36.0 million in the second quarter of fiscal 2018, a $6.4 million, or 21.6%, increase from $29.6 million in the same quarter last year. Excluding the exchange rate impact, this increase was mainly due to:

  • the various parameters in GMP’s 2018 rate case, which anticipated an increase in adjusted net income attributable to Partners;
  • the impact of VGS’s 2018 rate case parameters, which include an increase in the rate base to reflect the Addison project coming into service; and
  • the favourable impact of a regulatory timing difference, most of which is expected to reverse at the end of fiscal 2018.

GMP – 2019 rate case

In April 2018, GMP filed its 2019 rate case with the Vermont Public Utility Commission (“VPUC”). Prepared on a cost-of-service basis, it provides for an authorized rate of return on common equity of 9.30%, a 49.8% common equity ratio, and covers the period of January 1, 2019 to September 30, 2019 to reset the rate case to a fiscal year basis. In the rate case, a 5.45% rate increase is being proposed to reflect an increase in supply and transmission costs and an expected decrease in deliveries resulting largely from the adoption of energy efficiency measures by GMP’s customers. However, this increase will be fully offset by the impact of beginning to reimburse customers the regulatory liabilities recorded following the U.S. tax reform and resulting in an overall decrease in rates of 0.5%. The rate case also provides for an average rate base of US$1,563 million, a US$130 million increase from the 2018 rate case, to reflect greater investments in property, plant and equipment, GMP’s ownership interest in Vermont Transco LLC, and solar power projects. Lastly, the rate case contains a provision whereby US$13.9 million would be returned to GMP’s customers as a result of the synergies generated by the merger with Central Vermont Public Service Corporation. The VPUC is expected to issue a decision in December 2018.

VGS – 2019 rate case

In February 2018, VGS filed a cost-of-service proposal for its 2019 fiscal year with the VPUC. The cost of service proposed by VGS for fiscal 2019 provides for an 8.5% rate of return on common equity and a 50% common equity ratio. VGS is also proposing an overall decrease in rates of 3.8%, which includes a 14.8% reduction in rates related to the cost of natural gas, beginning to reimburse customers the regulatory liabilities recorded as a result of the U.S. tax reform, and a 4% increase in distribution rates. VGS is also proposing the use of a US$8.1 million portion of the amounts collected in the System Expansion and Reliability Fund as well as an average rate base of US$264.2 million, an increase of US$16 million. A decision is expected in time for the new rates to take effect as of November 1, 2018.

To see the financial report, click here.

 
Reconciliation of non-GAAP financial measures
For additional information on non-GAAP financial measures, refer to Valener’s MD&A for the three-month and six-month periods ended March 31, 2018 and 2017.
Valener
Reconciliation of normalized operating cash flows
  For the three months
ended March 31
For the six months
ended March 31
(in millions of dollars) 2018   2017   2018   2017  
Cash flows related to operating activities 15.1   12.4   27.5   25.7  
Dividends to preferred shareholders (1.1 ) (1.1 ) (2.2 ) (2.2 )
Normalized operating cash flows 14.0   11.3   25.3   23.5  
 
Valener
Reconciliation of adjusted net income attributable to common shareholders
  For the three months
ended March 31
For the six months
ended March 31
(in millions of dollars) 2018   2017   2018   2017  
Net income 35.0   32.6   49.4   56.7  
Gain on derivative financial instruments       (0.8 )
Income taxes on the gain on derivative financial instruments       0.2  
Share in Énergir, L.P.’s net income adjustments (1.3 )   5.7   (3.6 )
Income taxes on Énergir, L.P.’s net income adjustments 0.2     0.2   0.7  
Deferred income taxes related to the outside-basis temporary difference on the interest in Énergir, L.P. 1.1   1.4   0.9   2.2  
Cumulative dividends on Series A preferred shares (1.1 ) (1.1 ) (2.3 ) (2.2 )
Adjusted net income attributable to common shareholders 33.9   32.9   53.9   53.2  
Per common share (in $) 0.87   0.85   1.38   1.37  
 
Énergir, L.P.
Reconciliation of adjusted net income attributable to Partners
(in millions of dollars, unless otherwise indicated) Q2-2018
    Adjustments:  
Segments Net income attributable
to Partners
Other gains (2) Adjusted net
income
attributable to
Partners (1)
QDA 116.6     116.6  
Distribution in Vermont 36.0     36.0  
Natural Gas Transportation 7.1     7.1  
Electricity Production 1.3     1.3  
Energy Services, Storage and Other 6.4   (4.4 ) 2.0  
Corporate Affairs (13.0 )   (13.0 )
Total 154.4   (4.4 ) 150.0  
Basic and diluted weighted average number of units outstanding (in millions) 171.8   171.8   171.8  
Basic and diluted per unit (in $) 0.90   (0.03 ) 0.87  
  Q2-2017
   
    Adjustments:  
Segments Net income attributable
to Partners
Other gains (2) Adjusted net
income
attributable to
Partners (1)
QDA 114.4     114.4  
Distribution in Vermont 29.6     29.6  
Natural Gas Transportation 7.4     7.4  
Electricity Production 1.6     1.6  
Energy Services, Storage and Other 1.8     1.8  
Corporate Affairs (12.3 )   (12.3 )
Total 142.5     142.5  
Basic and diluted weighted average number of units outstanding (in millions) 167.3   167.3   167.3  
Basic and diluted per unit (in $) 0.85     0.85  
(in millions of dollars, unless otherwise indicated) H1-2018
    Adjustments:  
Segments Net income
attributable to
Partners
  Impact of the
tax reform (3)
Other gains (2) Adjusted net
income
attributable to
Partners (1)
 
QDA 180.7       180.7  
Distribution in Vermont 56.7   6.5     63.2  
Natural Gas Transportation 13.6   (2.6 )   11.0  
Electricity Production 2.0       2.0  
Energy Services, Storage and Other 8.2     (4.4 ) 3.8  
Corporate Affairs (46.5 ) 20.3     (26.2 )
Total 214.7   24.2   (4.4 ) 234.5  
Basic and diluted weighted average number of units outstanding (in millions)  171.8   171.8   171.8   171.8  
Basic and diluted per unit (in $) 1.25   0.14   (0.03 ) 1.36  
  H1-2017
      Adjustments:
 
Segments Net income
attributable to
Partners
  Impact of the tax
reform (3)
Other gains (2) Adjusted net
income
attributable to
Partners (1)
 
QDA 178.5       178.5  
Distribution in Vermont 56.9       56.9  
Natural Gas Transportation 12.9       12.9  
Electricity Production 2.4       2.4  
Energy Services, Storage and Other 15.7     (12.5 ) 3.2  
Corporate Affairs (22.5 )     (22.5 )
Total 243.9     (12.5 ) 231.4  
Basic and diluted weighted average number of units outstanding (in millions)  167.3   167.3   167.3   167.3  
Basic and diluted per unit (in $) 1.46     (0.08 ) 1.38  
(1) Financial measure not defined by GAAP. 
(2) In December 2016, Énergir, L.P., through its subsidiary Gaz Métro Plus, acquired an additional 50% ownership interest in CDH (CCUM), giving it control thereover and resulting in the recognition of a $12.5 million gain upon the remeasurement of assets already held. In addition, in February 2018, Gaz Métro Plus realized a $4.4 million gain on the sale of server hosting assets. For additional information, refer to the Q2-2018 MD&A.
(3) Refer to the “U.S. Tax Reform” section above.     

Conference call

Valener will hold a conference call today at 11:00 am (Eastern Time) to discuss its results and those of Énergir, L.P. for the period ended March 31, 2018. The public is invited to join the call at
647-788- 4922 or toll-free at 877-223-4471. A simultaneous webcast will also be available using the link provided under “Events and Presentations” in the “Investors” section of www.valener.com. A replay of the webcast will be archived on the Company’s website for 365 days following the call; a phone replay will be available for 30 days by dialing 416-621-4642 or toll-free 800-585-8367 (access code: 1277528).

Overview of Valener

Valener is a public company held entirely by its shareholders and serves as the investment vehicle in Énergir, L.P. Through its investment in Énergir, L.P., Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont. As a strategic partner, Valener, on the one hand, contributes to the growth of Énergir, L.P., and on the other, invests in wind power production in Québec alongside Énergir, L.P. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener’s common and preferred shares are listed on the Toronto Stock Exchange under the “VNR” symbol for common shares and the “VNR.PR.A” symbol for Series A preferred shares. www.valener.com

Overview of Énergir, L.P.

With more than $7 billion in assets, Énergir, L.P. is a diversified energy company whose mission is to meet the energy needs of approximately 520,000 customers and the communities it serves in an increasingly sustainable way. Énergir, L.P. is the largest natural gas distribution company in Québec; through its subsidiaries, it also generates electricity from wind power. In the United States, through its subsidiaries, the company operates in nearly fifteen states, where it produces electricity from hydraulic, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont. Énergir, L.P. values energy efficiency and invests both resources and efforts in innovative energy projects such as renewable natural gas and liquefied and compressed natural gas. Through its subsidiaries, it also offers a wide range of energy services. Énergir, L.P. is seeking to become the partner of choice for those striving toward a better energy future. www.energir.com

Cautionary note regarding forward-looking statements

This press release may contain forward-looking information within the meaning of applicable securities laws. Such forward-looking information reflects the intentions, plans, expectations and opinions of the management of Énergir Inc., in its capacity as General Partner of Énergir, L.P., acting as manager of Valener (“the management of the manager”), and is based on information currently available to the management of the manager and assumptions about future events. Forward-looking statements can often be identified by words such as “plans,” “expects,” “estimates,” “seeks,” “targets,” “forecasts,” “intends,” “anticipates” or “believes” or similar expressions, including the negative and conjugated forms of these words. Forward-looking statements involve known and unknown risks and uncertainties and other factors beyond the control of the management of the manager. A number of factors could cause the actual results of Valener or of Énergir, L.P. to differ significantly from historical results or current expectations, as described in the forward-looking statements, including but not limited to the general nature of the aforementioned, terms of decisions rendered by regulatory agencies, uncertainty that approvals will be obtained by Énergir, L.P. from regulatory agencies and interested parties to carry out all of its activities and the socio-economic risks associated with such activities, uncertainty related to the implementation of Québec’s 2030 Energy Policy, the competitiveness of natural gas in relation to other energy sources in the context of fluctuating global oil prices, the reliability or costs of natural gas supply and electricity supply, the integrity of the natural gas and electricity distribution and transportation systems, the evolution and profitability of Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership (“Wind Farms 2 and 3”) and Seigneurie de Beaupré Wind Farm 4 GP (“Wind Farm 4”) and other development projects, Valener’s ability to generate sufficient cash to support its anticipated target annual dividend growth rate on its common shares, the ability to complete attractive acquisitions and the related financing and integration aspects, the ability to complete new development projects, the ability to secure future financing, general economic conditions, exchange rate and interest rate fluctuations, uncertainty surrounding the December 2017 U.S. tax reform commonly referred to as Tax Cuts and Jobs Act, the weather conditions and other factors described in section E) Risk Factors Relating to Valener and in section R) Risk Factors Relating to Énergir, L.P. (formerly Gaz Métro Limited Partnership) of Valener’s MD&A for the fiscal year ended September 30, 2017 and in subsequent Valener quarterly MD&As that might address changes to these risks. Although the forward-looking statements contained in this press release are based on what the management of the manager believes to be reasonable assumptions, in particular assumptions that no unforeseen changes in the legislative and regulatory framework of energy markets in Québec and in the United States will occur; that the applications filed with various regulatory agencies will be approved as submitted; that natural gas prices will remain competitive; that the supply of natural gas and electricity will be maintained or will be available at competitive costs; that no significant event will occur outside the ordinary course of business, such as a natural disaster or any other type of calamity, a major service interruption, or a threat to cybersecurity (or cyberattack); that Énergir, L.P. can continue to distribute substantially all of its adjusted net income; that Wind Farms 2 and 3 and Wind Farm 4 will be able to make distribution payments to their partners; that Valener will be able to generate sufficient cash to support its anticipated target annual dividend growth rate on its common shares; that Green Mountain Power Corporation will be able to continue achieving efficiency gains and synergies from the merger with Central Vermont Public Service Corporation; that Valener and Énergir, L.P. will be able to present their information in accordance with U.S. GAAP beyond 2023 or, after 2023, will adopt International Financial Reporting Standards (“IFRS”) that permit the recognition of regulatory assets and liabilities; that liquidity needs for Énergir, L.P.’s development projects will be obtained through a combination of operating cash flows, borrowings on credit facilities, capital injections from partners, and issuances of debt securities; and that the subsidiaries will obtain the required authorizations and funds needed to finance their development projects. In addition to the other assumptions described in the Valener MD&A for the quarter ended March 31, 2018, the management of the manager cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of this date, and the management of the manager assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws. These statements do not reflect the potential impact of any unusual item or any business combination or other transaction that may be announced or that may occur after the date hereof. Readers are cautioned to not place undue reliance on these forward-looking statements.

For additional information:

Read more: Valener and Énergir, L.P. Report Their Fiscal...

Abstract

World trade is increasingly ruled by preferential trade agreements (PTAs), but their precise nature remains relatively opaque. This paper assesses a central dimension of these agreements, the significance of tariff preferences, using a new data set on... See More + World trade is increasingly ruled by preferential trade agreements (PTAs), but their precise nature remains relatively opaque. This paper assesses a central dimension of these agreements, the significance of tariff preferences, using a new data set on preferential and non-preferential or Most Favored Nation (MFN) applied tariffs, constructed by the International Trade Center and the World Bank. The data set covers 5,203 products, 199 reporters, and 239 partners, representing approximately 97 percent of world imports in 2016. There are three main findings. First, PTAs have significantly widened the scope of tariff-free trade. Whereas 42 percent of the total value of trade traded free under MFN rates in 2016, PTAs have fully liberalized an additional 28 percent of global trade. Second, the extent of preferential liberalization varies significantly across countries and sectors. Around 70 percent of countries have reduced trade-weighted average preferential tariffs to less than 5 percent, but PTAs have not been able to eliminate the high levels of protection in some low-income countries and in agricultural products, textiles, and footwear. Third, while the average preferential margin for trade covered by PTAs is low because one-fifth of world trade under preferential agreements is already duty free, more than a quarter of world trade is subject to an average preference margin of 7.4 percent. Considering competition from preferential and non-preferential sources, however, only 5.2 percent of global exports benefited from a preferential advantage of over 5 percent and only 3.3 percent of global exports suffered from a preferential disadvantage higher than 5 percent. Furthermore, data for a subsample of importers reveal that not all eligible imports take advantage of preferences, because of impediments such as restrictive rules of origin, and therefore actual preference margins are generally lower than potential margins.  See Less -

Read more: How preferential is preferential trade

Abstract

The Government's Fisheries Master Plan 2010-2019 focuses heavily on food security, poverty reduction, improving the balance of payments, aquaculture and strengthened human and institutional capacity. In 2015, a new Ministry of Sea, Inland Water and Fisheries... See More + The Government's Fisheries Master Plan 2010-2019 focuses heavily on food security, poverty reduction, improving the balance of payments, aquaculture and strengthened human and institutional capacity. In 2015, a new Ministry of Sea, Inland Water and Fisheries (MIMAIP) was established to develop a strong blue economy and support the sustainable use of ocean and inland water resources through increased decentralization.  See Less -

Document also available in : Portuguese

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