Project developer Solar Reserve has refused to be drawn on speculation about its future after it emerged at an industry event that it was looking for an investor.
At an industry event in New York last week, CEO Kevin Smith was asked why his company is “up for sale”.
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“Well, it's a confidential sales process, so thanks for announcing that publicly,” Smith was quoted as saying by SNL Financial. “I don't know if I'd say we're for sale, but we're dealing with a need for capital, and we're looking for strategic investment in the company,” he added.
Smith said the company was looking to take a “longer ownership position” in the projects it developed.
When asked by PV Tech to confirm the story a spokeswoman for SolarReserve refused to comment further.
The company develops CSP and PV projects in a number of markets including the US, South Africa and Australia.
A number of developers have looked to the public markets as a source of cash to help them develop portfolios of operational assets. The so-called yieldco model is best-suited to larger companies that are able to consistently add large volumes of capacity to the portfolio and ensure growth.
French developer Solairedirect postponed its IPO in April citing a lack of interest.
