Canada's Gaz Métro has agreed to acquire Standard Solar to boost its presence in the fast-growing US solar energy industry.
However, the financial details of the transaction were not disclosed.
Based in Rockville, Maryland, Standard Solar is a commercial solar electric system developer, with a portfolio of construction-ready projects for a total of nearly 80 MW.
Canada-based diversified energy firm Gaz Métro.said that the acquisition could lead to a promising approach where solar energy can be combined with other renewable sources like natural gas in the US.
The projects of Standard Solar are said to complement the Canadian firm’s current commercial offering besides improving its expertise in solar energy.
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.
“We can accelerate and streamline every project including financing a fully developed project, offering developers our full suite of engineering, procurement and construction (EPC) functions, or providing services in between. With a track record of more than 1,500 solar installations dating back to 2004, we know what is required to get a project built.”
The deal is likely to close in the next few weeks following a pending regulatory approval.
Post acquisition, Standard Solar will retain its brand and operate from its current headquarters. It will continue to be managed by its existing executive team as well.
Its acquirer, Gaz Métro which has $5.8bn in assets, develops and operates energy facilities besides producing and distributing solar and wind power, natural gas, renewable natural gas and LNG.
Image: Solar power project developed by Standard Solar. Photo: courtesy of Standard Solar (CNW Group/Gaz Métro).