Commercial solar electric system developer Standard Solar announced Tuesday that it has been acquired by Gaz Métro, a leading energy provider with over US$5.8 billion in assets and a key player in the development of energy infrastructures and renewable-energy projects.
Based in Canada, Gaz Métro is a diversified energy company that remains involved in both electric distribution and production — including solar and wind power — as well as natural gas distribution, LNG and renewable natural gas.
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Gaz Métro also boasts US$2.9 billion in assets in the US, and has served 315,000 clients through its various businesses and affiliates in Northeast USA.
Martin Imbleau, senior vice president operations, transport and development of New Energies at Gaz Métro, said: “We see in Standard Solar many of the same attributes we value as a company, including their commitment to anticipate and address the needs of current and future customers as well as the regions, municipalities and communities where it is established. This is an exciting acquisition for Gaz Métro as it allows us to further diversify our energy solutions offerings, to reinforce our commitment to an energy transition and to strengthen our presence in the US.”
Scott Wiater, president and CEO at Standard Solar, noted: “This acquisition significantly magnifies Standard Solar’s potential to expand its market penetration by enhancing our ability to provide in-house financing for solar and energy-storage projects of all sizes. The deal also gives us unparalleled flexibility in the types of projects we can support.”
Wiater added: “This acquisition positions us to become an independent power producer (IPP), applying our deep expertise at every stage of a solar project. We can accelerate and streamline every project including financing a fully developed project, offering developers our full suite of engineering, procurement and construction (EPC) functions, or providing services in between. With a track record of more than 1,500 solar installations dating back to 2004, we know what is required to get a project built.”
The acquisition is expected to close over the next few weeks. The company will continue to operate as Standard Solar, while also remaining in its Rockville, Md., headquarters. Standard Solar will also continue to be managed by its current executive team.