Renewable energy company Coronal Group and technology solutions provider Panasonic have made a strategic investment in solar EPC company Blue Oak Energy.
Blue Oak Energy, which focuses on commercial and utility-scale solar power plants, will continue to operate as an independent firm led by chief executive and founder Tobin Booth.
The investment, for an undisclosed sum, will allow Blue Oak Energy to meet growing demand from its customer base.
Marathon Capital acted as financial advisor to Coronal and Panasonic. Meanwhile, Media Venture Partners was the advisor for Blue Oak Energy.
To date, Blue Oak Energy has engineered or constructed solar systems on more than 600 locations in 30 US states, accounting for more than 1GW.
Jonathan Jaffrey, chief executive of Coronal Group, said: “This is a strategic investment by Coronal, which will provide resources to help fuel Blue Oak Energy's growth in the engineering and EPC sectors and ensure that the company can provide its long-term, loyal customer base with the service it has come to expect.”
Jamie Evans, head of Panasonic Eco Solutions in the US, said: “As part of one of the largest engineering-based firms, we are excited to have made this investment in a world-class renewable engineering firm. Panasonic is a Blue Oak Energy customer and pleased to support their growth and commitment to meeting increasing market demand.”