WGL Holdings Invests in American Solar Direct

WGL Holdings declared that it has contracted a $50 million solar system investment accord with American Solar Direct (ASDI), a residential solar systems installing company located in California. The company also has invested $5 million in the equity fund of American Solar Direct Holdings (ASDHI) to demonstrate its long-term strategic association.

As per the clauses of the accord ASDI will take the responsibility of marketing and installing the solar systems meant for residential users. The created partnership will invest and own the systems, maintain them and receive  monthly rentals and other applicable state and federal incentives. The fixed rent plan offered to the clients for the contract period will not get affected by the increase in utility charges or inflation. The fixed leased rent includes warranty services and upkeep of the system.

Ravi Thuraisingham, ASDI’s President and CFO, called WGL Holdings a perfect partner for the company. He added that the association of ASDI with WGL Holdings, a century old company, will allow ASDI to benefit from the years of energy industry experience owned by WGL while bringing tax incentives associated with the solar installations.