December 19, 2014 5:11 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of Alteris Renewables, Inc.

Company Overview

Alteris Renewables, Inc. provides solar and wind power generation for schools, residential, and commercial operations. The company was formerly known as Solar Works, Inc. and changed its name to Alteris Renewables, Inc. in 2008. Alteris Renewables, Inc. was founded in 1980 and is based in Wilton, Connecticut. It has additional offices in Menands, Kingston, and Saratoga Springs; and Parsippany, New Jersey. As of August 11, 2011, Alteris Renewables, Inc. operates as a subsidiary of Real Goods Solar, Inc.

523 Danbury Road

Wilton, CT 06897

United States

Founded in 1980

Phone:

203-210-7710

Key Executives for Alteris Renewables, Inc.

Alteris Renewables, Inc. does not have any Key Executives recorded.

Alteris Renewables, Inc. Key Developments

Real Goods Energy Tech, Inc., Real Goods Trading Corporation, Alteris Renewables, Inc., Real Goods Syndicated, Inc., Mercury Energy, Inc., Real Goods Solar, Inc.-Mercury Solar, Elemental Energy and Sunetric Management Enters into Joinder and Sixth Loan Modification Agreement with Silicon Valley Bank

On June 6, 2014, Real Goods Solar, Inc.'s wholly-owned subsidiaries Real Goods Energy Tech, Inc., Real Goods Trading Corporation, Alteris Renewables, Inc., Real Goods Syndicated, Inc., Mercury Energy, Inc., Real Goods Solar, Inc.-Mercury Solar, Elemental Energy, LLC and Sunetric Management LLC (collectively, the Borrowers) entered into a Joinder and Sixth Loan Modification Agreement with Silicon Valley Bank pursuant to which the parties thereto agreed to certain amendments to the Loan and Security Agreement, dated as of December 19, 2011, as amended, and Mercury Energy, Inc., Real Goods Solar, Inc.-Mercury Solar, Elemental Energy, LLC and Sunetric Management LLC (collectively, the New Borrowers) each joined as a party to the Loan Agreement and granted a security interest in substantially all its assets to SVB. The Loan Agreement Amendment extended the maturity date of the Loan Agreement to January 31, 2015. Additionally, the Loan Agreement Amendment reset financial covenants and made other conforming and administrative amendments to the Loan Agreement.

Real Goods Energy Tech, Inc., Real Goods Trading Corporation, Alteris Renewables, Inc. and Real Goods Syndicated, Inc. Enter into Fifth Loan Modification Agreement with Silicon Valley Bank

On November 5, 2013, Real Goods Energy Tech, Inc., Real Goods Trading Corporation, Alteris Renewables, Inc. and Real Goods Syndicated, Inc. (collectively, the borrowers) entered into a fifth loan modification agreement with Silicon Valley Bank (SVB) pursuant to which the parties thereto agreed to certain amendments to the loan and security agreement, dated as of December 19, 2011, as amended. Under the loan agreement amendment, SVB agreed to extend to the borrowers a term loan of up to $2,000,000 under the terms of the loan agreement in addition to the existing $6,500,000 revolving line of credit. The term loan matures on September 29, 2014. The borrowers are required to make monthly payments of interest only with respect to the term loan with the aggregate principal balance of the Term Loan, together with any accrued but unpaid interest, due and payable on the maturity date. The borrowers may prepay the term loan in whole or in part at any time without penalty. The proceeds of the term loan are required to be used to repay in full the outstanding indebtedness owed to Gaiam, Inc. under the Gaiam Notes. All borrowings under the term loan are collateralized by a security interest in substantially all assets of the borrowers other than the limited liability company interests in Alteris Project Financing Company LLC, and bear interest at the greater of the bank's prime rate or 4.00%, plus 2.00% (or 10.00% during an event of default). The borrowers are obligated to pay to SVB a final payment fee of $150,000 on or before the term loan maturity date. In addition, pursuant to the terms of the loan agreement amendment, at any time when the borrowers' unrestricted cash at SVB, less all outstanding obligations of borrowers owed to SVB, is less than $2,000,000, the borrowers' availability under the existing $6,500,000 line of credit will be reduced by an amount equal to the outstanding principal balance of the term loan. SVB fully funded the term loan on November 5, 2013 at the borrowers' request. The company used the proceeds of the term loan together with other available cash on hand to pay the payoff amount in full on November 5, 2013.

Real Goods Solar, Inc.’s Subsidiaries Enter into a Fourth Loan Modification Agreement with Silicon Valley Bank

On September 26, 2013, Real Goods Solar, Inc.’s wholly-owned subsidiaries Real Goods Energy Tech, Inc., Real Goods Trading Corporation, Alteris Renewables, Inc., and Real Goods Syndicated, Inc. entered into a Fourth Loan Modification Agreement with Silicon Valley Bank pursuant to which the parties thereto agreed to certain amendments to the loan and security agreement, dated as of December 19, 2011, as amended, and Real Goods Syndicated, Inc. joined as a party to the Loan Agreement and granted a security interest in substantially all its assets to SVB. The Loan Agreement Amendment extended the maturity date of the Loan Agreement to September 29, 2014 and permits repayment of certain subordinated debt held by Gaiam, Inc. and Riverside Renewable Energy Investments, LLC if the company meets certain liquidity thresholds and certain other subordination conditions are met. Additionally, the Loan Agreement Amendment increased the liquidity ratio with which the borrowers must comply and added a covenant obligating the borrowers to meet certain EBIDTA thresholds each quarter. The Loan Agreement also increased the interest rate on borrowings. Borrowings accrue interest at the greater of (a) the greater of the bank’s prime rate and 4.00%, plus 4.00%, and (b) 8.00%. The interest rate accruing on borrowings during a streamline period (as defined in the Loan Agreement) is the greater of (i) the greater of the bank’s prime rate and 4.00%, plus 2.00%, and (ii) 6.00%.

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