174 Power Global has acquired OnForce Solar, a New York-based commercial solar development firm and community solar business. With this acquisition, 174 Power will boost its profile in both the retail energy sector and C&I project development market.
As a result of this deal, OnForce Solar will become part of a newly formed entity, 174 Power Global Northeast.
Currently, OnForce Solar serves customers in both New York and New Jersey. Going forward, 174 Power plans to expand OnForce’s service area across the Northeast and expand to other parts of the country.
174 Power Global President Henry Yun said: “The Northeast market is a key geography in our growth strategy, and this acquisition allows us to provide solutions in the underserved midscale commercial solar market, while making community solar more available to home and business owners. OnForce Solar has been a pioneer in community solar, and we’re excited to join forces with this reputable and successful company, further expanding our national utility-scale solar development portfolio.”
OnForce Solar Founder, Charles Feit, added: “This transaction with 174 Power Global provides additional resources, infrastructure and capital that will enable us to expand our footprint and accelerate our Commercial Industrial and Community Solar operations. 174 Power Global and The Hanwha Group are forward thinking partners and we are pleased to be selected as part of their vision. We look forward to working alongside 174 Power Global as we continue our mission to provide value to our customers as well as creating competitive jobs in the clean energy industry.”
This acquisition stands as 174 Power Global’s second new retail business announcement this year, as the company launched Chariot Energy, a Houston-based retail energy provider,back in June 2019.