Pardee Resources Company: Solar Acquisition

Pardee Resources Company reports that its subsidiary, Pardee Solar 1 LLC, recently closed on an investment in a renewable energy partnership that owns a ground-mounted 1.25 MW (dc) solar photovoltaic  system located in Foster, Rhode Island. The Company’s investment in this partnership is $1.1 million.  The funding for this investment will be through available cash and is subject to the system being successfully placed in operation which is expected in the near future. “Pardee is pleased to add this renewable energy investment to our Alternative Energy Division’s portfolio” said Carleton P. Erdman, President and Chief Executive Officer.