Multi-national company acquires Appalachian Energy.'

from Staff Reports

Appalachian Solar Energy announced today that it has been acquired by Vanir Energy LLC, a subsidiary of Vanir Group of Companies Inc. Vanir Energy will be headquartered in Fletcher and staffed by the former personnel of Appalachian Solar Energy with support from Vanir management in Sacramento, California.

The announcement means $14 million will be invested in solar thermal technology projects throughout North Carolina in 2009. Vanir Energy will own and operate the solar thermal systems it installs, allowing its customers to “go solar” without making capital expenditures.

“This represents more great news in our growing environmental enterprises cluster because it means new jobs, an influx of targeted capital and momentum to put Western North Carolina on the map as the sustainability capital of the U.S.A.” said Dale Carroll, CEO of AdvantageWest, the regional Economic Development Commission based in Asheville. “This announcement is right on track with a major initiative we call ‘AdvantageGreen,’ a green-collar jobs strategy the

AdvantageWest board and staff began to devise in 2007 as part of our Vision Plan.”

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

With more than 30 years of construction management and development experience, Vanir Energy is well positioned to lead North Carolina and the nation in converting to solar thermal power, said Steve Hunter, COO of Vanir Energy. Executive Vice President Scott Clark said the first Vanir project will be a solar thermal installation at Fletcher Business Park, a 900,000-square-foot facility where the company is headquartered, and which is expected to create more than 50 jobs.

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

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