DayStar Technologies (NASDAQ: DSTI) announced the purchase of solar projects from Avatar Solar of Simi Valley, California. DayStar's acquisition is a first step and it's for the Avatar Solar's Hawaiian-based projects. This is a cash and equity deal that prices DayStar's common equity at $2.00 per share. Total purchase price was $850,000.00
Avatar states: "We are excited about this arrangement with DayStar. This now gives us the opportunity to bring our project pipelines to DayStar. As such, we currently have projects ready for development in Hawaii, California and India. This relationship will allow us to expand our project capacities."
Mark (Lorne) Roseborough, President of DayStar, said, "This transaction is representative of opportunities that we are evaluating and marks the start of a new segment of business growth for DayStar."
Avatar is a full service provider in renewable solar projects which has multiple solar productions sites throughout the islands of Hawaii and the state of California. This acquisition continues DayStar Technologies' commitment to enhance and grow the ownership of renewable projects, as well as engineering, installation and the maintenance segments of the company. Avatar has a ten year history of growth in California, Hawaii and India, and offers DayStar an opportunity to partner in other renewable energy markets.
Solar energy is an increasingly affordable option without any incentives, however, both the state and federal governments have fully recognized the benefits of solar energy and offer solar tax incentives and tax rebates.