Axio Power has agreed to buy the solar assets of BQ Energy, a New York-based developer of utility-scale renewable energy projects located on industrial, military, and brownfield sites. The acquisition includes BQ Energy’s solar assets in New Jersey, Pennsylvania, Hawaii, and California.
Terms of the deal were not disclosed.
Axio Power, a wholly owned California-based subsidiary of Greenlight Energy Resources, was formed in fall 2008 through a combination of Helios Energy and Greenlight Sunstream. The company, which has more than 500MW of PV development assets in its pipeline, is focused on utility-scale and distributed solar power projects.
“We were looking for a strategic partner to accelerate the development of our solar projects,” said Paul Curran, managing director of BQ Energy and now an Axio senior executive VP. “Axio brings the solar expertise to fully develop our existing projects and expand our solar development activities.”
“The BQ team provides Axio Power with an excellent platform for East Coast markets, and with a significant pipeline of utility-scale solar PV projects,” said Tim Derrick, Axio’s CEO.