Texas-based energy firm Consolidated Asset Management Services (CAMS) has acquired developer Belectric’s US solar operations and maintenance (O&M) business.
Belectric’s portfolio comprises 141 operating sites in 11 states in the US, and covers close to 3GW of capacity for O&M services globally.
CAMS’ chief operating officer, Greg Bobrow, said the acquisition bolsters the company’s “existing capabilities and markets in the power generation industry” as it seeks to transition to renewables. The developer and asset manager oversees around 3.5GW of renewable energy capacity in the US.
Explaining the decision to acquire the solar group’s O&M business, Bobrow said that CAMS’ clients are “increasingly focused on the transition of energy generation towards renewable sources.”
“CAMS always looks for ways to support an improved environment while at the same time providing cost savings and creating value for our customers. We at CAMS look forward to a growing marketing presence in the solar energy space.”
A number of solar businesses have sold their O&M arms in the past year. First Solar sold its O&M arm to NovaSource, owned by Canadian private equity firm Clairvest Group last August as it could no longer “justify incremental capital investment” in the sector, while SunPower sold its O&M branch to Clairvest in March.