Koch Engineered Solutions (KES) LLC has acquired US engineering, procurement and construction (EPC) firm DEPCOM, which specialises in utility-scale solar PV projects, for an undisclosed amount.
A subsidiary of Koch Industries, best known for its background in fossil fuels, KES said the acquisition would enable its “entry into the fast-growing renewables market,” according to its president Dave Dotson.
KES said its entry into the renewables sector was down to the “cost-competitiveness of utility-scale solar on an unsubsidised basis”, which meant it was becoming an “increasingly significant part of the generation mix”.
DEPCOM has a 5GW portfolio of projects across the US in operation, under-construction and pre-construction stages. It also performs operations and maintenance (O&M) and refurbishment services.
“DEPCOM has recorded impressive growth over the last few years, and this acquisition reflects our confidence that the company will be a major player in the future of this industry,” said Don Brown, vice president of business development at KES.
Arizona-based DEPCOM is “one of the largest solar EPCs in the US”, according to KES, and “differentiates itself through customer-centric solutions”.
Johnnie Taul, CEO of DEPCOM, said: “By joining KES, we are combining forces and shared values, and leveraging robust capabilities and knowledge centres that will accelerate our ability to enhance our existing services and expand our offerings into new service lines and markets.”
Stinson LLP served as legal advisor to KES on the transaction, while Greenberg Traurig LLP served as legal advisor to DEPCOM.