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Premier Power has entered the fast-growing Italian solar PV market through its acquisition of Arco Energy, a privately held solar project development, engineering/procurement/construction, and distribution firm. Genesis Capital acted as the adviser to the transaction.
Arco, which has been profitable throughout its existence, has more than 20 MW of permitted projects worth approximately $114 million in potential revenue, according to Premier. The California-based PV systems integrator believes those Italian projects should start generating substantial revenues in the second half of the year and that the acquisition will significantly improve its overall operating margins.
Arco is also a distributor for Canadian Solar and Suntech modules, as well as Solar Max and Power One inverters and other balance-of-systems components.
"While many European developers talk about projects in Italy, Arco Energy has proven it has the local market knowledge and expertise in this emerging market necessary to execute," said Premier Power COO Miguel de Anquin (pictured at left). "Arco has installed projects in both the northern and southern regions of Italy, as well as the highly coveted Sicilian market; this cross-region success is virtually unprecedented for an Italian solar company.
"The company's local market knowledge is critical to mastering the permitting and grid connection process, two tasks many of Arco’s larger competitors have struggled to accomplish. Arco Energy helps create a great platform to execute our continued growth strategy across Europe," he added.
"Solar farming in Italy is no doubt leading the solar industry today," said Marco Pulitano, Arco CEO. "It is not just near-term solar farming but the rooftop and BIPV markets that offer a longer-term opportunity."
"Premier Power’s expertise in the design, engineering and integration of all types of projects--from utility-scale solar farms to ground-mount use of thin film, rooftop modules, and large single and bidirectional trackers to building-integrated rooftop systems--is unlike any other company in Italy. This versatility gives us the ability to seize both the immediate opportunity and remain in Italy as a long-term player," he concluded.
Financial terms of the deal were not disclosed.
