US installer REC Solar has acquired rival business Stellar Energy to bolster its US-facing commercial solar operations.
The two companies announced the deal yesterday, confirming that REC Solar had sealed the deal through an asset purchase agreement signed with Stellar Energy parent company Soligent Holdings.
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Stellar Energy will bring with it its commercial operations as well as a portfolio of 62 operational projects with a combined capacity of 60MW, taking REC Solar’s total portfolio in the US to more than 200MW.
REC Solar will also take on Stellar’s 28MW-strong O&M portfolio to bolster its own O&M business which will amount to in excess of 200MW as well.
REC Solar confirmed that “most” of Stellar Energy’s personnel would be retained in order to “ensure a seamless transition” for Stellar’s customers, and Stellar Energy vice president Ted Walsh is to join REC Solar as VP of business development.
“By combining out complementary services and strong customer relationships, we now have the resources to serve our customers with a fully integrated offering,” Walsh said.
““By enhancing this expertise with Stellar’s team and streamlined customer financing through our partnership with Duke Energy, we’re helping more customers go solar with no money down and immediate energy savings,” Al Bucknam, CEO of REC Solar, said.