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Onsite Power Play Secures $50-Mil Investment

LOS ANGELES-As the threat of rolling blackouts hangs over building owners across the county, a diverse group of investors has committed $50 million to LA-based RealEnergy, a new company that plans to install onsite power systems in commercial properties nationwide.

By Erin Cassin | Updated on May 11, 2001

LOS ANGELES-As the energy crisis continues to loom over California, a diverse group of investors led by GFI Energy Ventures and Global Innovation Partners, both based here, has committed $50 million in equity to RealEnergy, a new energy company that plans to install onsite systems in commercial properties nationwide, beginning with 20 Southern California office buildings.

The investors, which include LA-based Arden Realty, San Jose-based Divco West Properties, Detroit Edison and CS First Boston, have agreed to provide immediate $20 million B-round funding for the installation of the distributed generation technology and an additional $30 million in C-round funding as the new energy systems are deployed. LA-based Chadwick, Saylor & Co. Inc. represented RealEnergy in the transaction.

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