Pardee Resources Company: solar acquisition

PHILADELPHIA, Oct. 5, 2012 /PRNewswire/ — Pardee Resources Company (OTC: PDER) (the “Company”) is pleased to announce that its subsidiary, Kern Solar LLC,  recently closed on a $14.8 million acquisition of a 4.7 MW solar photovoltaic system in California.

This investment was accretive to earnings upon closing. This acquisition represents the Company’s first solar investment outside of New Jersey, thereby diversifying its renewable energy portfolio.  The acquisition was financed through available cash.