Daily News: March 18, 2015

SVB Renews RGS Credit Line

RGS Energy, one of the nation’s largest and most recognized rooftop installers of solar equipment, renewed its revolving line of credit with Silicon Valley Bank. The company also renewed its loans with Riverside Fund III, an affiliate of RGS Energy’s largest shareholder, Riverside Renewable Energy Investment.

The latest amendment to the company’s credit facility with SVB provides RGS Energy with a $5 million revolving line of credit through March 15, 2016. The amendments to the loans from Riverside extend $3.15 million in loans through March 31, 2016.

“The extension of our line of credit and investor loans, coupled with our recently completed public offering, significantly strengthen our financial position,” said Dennis Lacey, CEO of RGS Energy. “This will allow us to focus on completing our restructuring and executing on our 2015 business plan to improve the efficiency and profitability of our business.”

RGS Energy is a solar energy company serving commercial and residential customers.