WASHINGTON, DC – (September 22, 2016) – Sol Systems announced today that Chip Hoagland, the former Treasurer and Vice President of AES Corporation, joined the management team as the company’s new Chief Financial Officer. Mr. Hoagland joins the company amid rapid growth and success in its focus on developing and financing commercial and distributed utility solar projects. The company has added 102MW of commercial and distributed utility solar projects since January, and expects to finance an additional 100MW by year end.
Mr. Hoagland comes to Sol Systems with over 25 years of corporate financial management including 21 years at the AES Corporation, a global electric power and utility company. During that time, he and his team supported the company’s rapid growth and raised more than $100 billion on behalf of the holding company and its various subsidiaries. Prior to joining Sol Systems, he served as Chief Financial Officer at Venture Global LNG where he helped commercialize and finance a startup in the capital-intensive business of developing, building and operating an LNG liquefaction and export facility. He worked with owners to obtain the initial development equity of $200 million from large institutional investors
“We are confident that Chip will help drive the continued evolution and growth of Sol Systems in our mission to expand commercial and distributed utility solar,” commented Yuri Horwitz, CEO of Sol Systems. “Chip’s extensive experience helping to build one of the largest development companies in the United States, and crafting a financing strategy for long-term growth, will be huge assets for our team. He’s an innovator, he’s dedicated to our mission, and we’re proud to have someone like Chip build this company alongside us.”
Mr. Hoagland joins Sol Systems in a pivotal year for the company. Sempra Energy, a $25 billion energy company, invested in the company in February through its subsidiary Sempra U.S. Gas & Power. The two companies also announced a joint distributed generation platform. Sol Systems has vastly expanded its Commercial Energy Services team, which focuses on providing tailored renewable energy services to corporate and municipal customers. The company was listed among the Inc. 5000’s fastest growing private companies (#472) for a fourth consecutive year in 2016, increasing revenue by over 800% each year since 2012. The company has doubled its team and opened offices in Philadelphia and San Francisco in the last two years.
Sol Systems growth from a small start-up in 2008 to one of the leading solar energy companies in the country has mirrored the industry’s broader growth. According to GTM Research, new solar PV installations coming online in 2016 will total 13.9 GWdc, an increase of 85% over 2015. In fact, the U.S. has added over 1 GWdc for eleven consecutive quarters, and in 2016, this grew to over 2 GWdc per quarter, a record-breaking wave of growth that is expected to continue to the end of the year.
ABOUT SOL SYSTEMS
Sol Systems, a national solar finance and development firm, delivers sophisticated, customized services for institutional, corporate, and municipal customers. Sol is employee-owned, and has been profitable since inception in 2008. Sol is backed by Sempra Energy, a $25+ billion energy company.
Over the last eight years, Sol Systems has delivered more than 500 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies.
Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for four consecutive years. For more information, please visit www.solsystems.com.