The companies have reached an asset purchase agreement to this effect. The acquisition will increase REC Solar’s sales and operations capabilities to better serve the solar market in the country.
REC Solar will increase its solar energy portfolio to more than 200MW by adding over 60MW from 62 solar projects.
The company will also secure an additional 28MW of operations and maintenance (O&M) contracts, increasing the company’s O&M portfolio to more than 200MW.
REC Solar CEO Al Bucknam said: "With nearly two decades of experience working with commercial customers, REC Solar has a unique understanding of how to tailor solar solutions to meet the needs of businesses.
"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. Our goal is to provide a competitive advantage for our clients while they focus on their core business."
REC Solar will retain most of Stellar Energy’s workforce and it will continue to provide solar solutions exclusively to the commercial market, including the agricultural, manufacturing, retail, technology, nonprofit and government sectors.
Stellar Energy’s parent company Soligent supplies over 5,000 solar installers with equipment, financing, and software necessary to accelerate the adoption of solar.
