Westinghouse Solar, CBD Energy sign definitive merger agreement

Facebook
Twitter
LinkedIn
Reddit
Email

Westinghouse Solar and CBD Energy are hoping that the definitive merger agreement both companies signed this week will be completed by Q3 2012. Approvals from both companies’ board of directors have been received. Limited closing conditions and approval by both companies’ shareholders need to be finalized in order to complete the deal. 

Westinghouse Solar shareholders will receive nearly 3.7 CBD common shares for each share held and its preferred shareholders will receive CBD preferred shares, which will be convertible into CBD common shares. Collectively, and on an as-converted basis, the Westinghouse Solar common and preferred shareholders would have nearly 15% of the outstanding CBD common shares.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Former CEO Barry Cinnamon is leaving the company and therefore, upon signing the merger agreement, Margaret Randazzo, CFO of Westinghouse Solar, has been appointed interim CEO. The company noted that it will continue to manufacture and sell its rooftop solar power systems in the US and will have near-term openings to bring its systems to Australia and Europe through CBD. The two companies advised that they had already begun to look into developing commercial projects and partnerships in North America. Furthermore, CBD has commenced introducing Westinghouse Solar products to its Australian distribution partners while also looking at opportunities to increase contract volumes with its current customers.

Managing Director and CEO of CBD, Gerry McGowan, said “The merger with Westinghouse Solar is expected to be highly beneficial for CBD. The US market is rapidly developing into one of the largest and most stable end-markets for solar energy systems. The merger provides CBD an immediate point of access with an experienced management team capable of driving rapid expansion for the combined business. We expect to leverage the Westinghouse Solar relationships to provide new opportunities for distributing energy-efficiency products and services produced by our Industrial Energy Efficiency Division and to create new outlets and applications for our proprietary energy storage technology. The merger is an important step in CBD's strategy of growing a portfolio of revenue streams diversified across profitable customer segments, geographies, and technologies. Also important for CBD's shareholders is the improved liquidity CBD anticipates will accompany the shift to a US listing upon closing of the merger. CBD plans to apply for listing on NASDAQ because it is host to the world's largest collection of cleantech public companies and attracts a corresponding level of investor attention.”

Read Next

September 19, 2025
The Solar Stewardship Initiative (SSI) has adopted a new set of binding targets and reporting requirements for its PV manufacturing members.
September 19, 2025
Australia has committed to cutting greenhouse gas emissions by 62-70% below 2005 levels by 2035, Prime Minister Anthony Albanese announced on Thursday (18 September).
September 18, 2025
CERC is finalising guidelines for virtual power purchase agreements (vPPAs) to unlock financing for over 40GW of uncontracted renewable capacity.
September 18, 2025
The capacity of virtual power plants in operation in North America has reached 37.5GW, a 13.7% year-on-year growth, according to Wood Mackenzie.
September 18, 2025
The Canadian Renewable Energy Association (CanREA) has forecast that Canada will add between 17GW and 26GW of solar PV over the next decade.
September 18, 2025
Researchers have called for enhanced international standards to detect ultraviolet-induced degradation (UVID) in PV modules after identifying “severe” levels of the problem in operational n-type panels.             

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA