US installer REC Solar makes commercial move with Stellar Energy acquisition

Facebook
Twitter
LinkedIn
Reddit
Email

US installer REC Solar has acquired rival business Stellar Energy to bolster its US-facing commercial solar operations.

The two companies announced the deal yesterday, confirming that REC Solar had sealed the deal through an asset purchase agreement signed with Stellar Energy parent company Soligent Holdings.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Stellar Energy will bring with it its commercial operations as well as a portfolio of 62 operational projects with a combined capacity of 60MW, taking REC Solar’s total portfolio in the US to more than 200MW.

REC Solar will also take on Stellar’s 28MW-strong O&M portfolio to bolster its own O&M business which will amount to in excess of 200MW as well.

REC Solar confirmed that “most” of Stellar Energy’s personnel would be retained in order to “ensure a seamless transition” for Stellar’s customers, and Stellar Energy vice president Ted Walsh is to join REC Solar as VP of business development.

“By combining out complementary services and strong customer relationships, we now have the resources to serve our customers with a fully integrated offering,” Walsh said.

““By enhancing this expertise with Stellar’s team and streamlined customer financing through our partnership with Duke Energy, we’re helping more customers go solar with no money down and immediate energy savings,” Al Bucknam, CEO of REC Solar, said.

Read Next

December 5, 2024
Nir served as the company’s chief marketing executive since June 2024 and will succeed Ronen Faier, who served as interim CEO of the company since August 2024.
December 5, 2024
The European Commission has launched a €3.4 billion call to support the development of “innovative decarbonisation technologies in Europe".
December 5, 2024
TotalEnergies has sold a 50% stake in a 2GW US solar and energy storage portfolio and acquired German renewable energy developer VSB Group.
Premium
December 5, 2024
Magdalena Hilgner of PLAY explains that projects that deliver power reliably and at a fair price will always be attractive for offtakers.
December 5, 2024
Australian energy company APA Group has completed the construction of a 45MW solar-plus-storage project in the Pilbara region of Western Australia.
December 4, 2024
Solar will form the cornerstone of Indonesia’s renewable power sector, according to forecasts made by think tank Ember Climate.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
December 12, 2024
9am GMT / 10am CET
Solar Media Events
February 4, 2025
London, UK
Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 26, 2025
Seattle, USA