RealEnergy Targets $15M for Onsite Energy Systems

July 30, 2003 by Jeff Shepard

RealEnergy Inc. (Woodland Hills, CA), a combined heat and power (CHP) onsite energy generation company, announced that it has received a revolving working capital credit facility of $15 million through CapitalSource Inc. The capital will be used to finance interim construction activities on 19 onsite generation projects that are currently underway. Once the projects are completed and generating power, permanent financing will be arranged for each system.

RealEnergy’s lead investors, GFI Energy Ventures and Global Innovation Partners, secured the $15 million credit facility, which brings RealEnergy’s capitalization to $65 million. CapitalSource will fund the equity line in this round of investment. The funds will be used to construct onsite power systems at commercial properties in San Diego, CA; Los Angeles, CA; San Jose, CA; San Francisco, CA; New York City, NY; and Boston, MA.