Canada-based diversified energy provider Gaz Métro Limited Partnership has agreed to acquire Standard Solar, a distributed generation (DG) solar projects developer, to expand its presence in the US solar energy industry.
Standard Solar currently has a portfolio of construction-ready projects for a total of nearly 80 MW, a significant development pipeline, and over 100MW of solar generation capacity under management services.
Gaz Métro, which has more than $5.8bn worth of assets, expects the Standard Solar’s projects to complement its existing commercial offering while enhancing its solar energy expertise.
Additionally, the acquisition is expected to help Gaz Métro’s plan to reduce the energy sector’s environmental footprint and lower GHG emissions.
Financial terms of the deal were undisclosed.
Gaz Métro president and CEO Sophie Brochu said: “Gaz Métro is positioning itself to take full advantage of the projected growth in the solar energy industry, one of the fastest growing sectors in the U.S.”
Gaz Métro is engaged in electric distribution and production including solar and wind power, and natural gas distribution, LNG and renewable natural gas.
Gaz Métro Operations, Transport and Development of New Energies senior vice-president Martin Imbleau said: “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.”
Standard Solar said that the acquisition will significantly magnify its potential to expand its market penetration by enhancing ability to provide in-house financing for solar and energy-storage projects of all sizes.
Standard Solar president and CEO Scott Wiater said: “This acquisition positions us to become an independent power producer (IPP), applying our deep expertise at every stage of a solar project.”
Scheduled to be completed in the coming weeks, the deal is subject to regulatory approval.
Image: Gaz Métro will acquire Standard Solar to expand its presence in the US solar energy industry. Photo: courtesy of Gaz Métro.