REC Solar, a U.S.-based integrated solar provider focusing on commercial business, announced the acquisition of Stellar Energy, a solar provider in the western U.S., through an asset purchase agreement. The acquisition will add REC Solar with Stellar Energy’s solar solutions from financing, designing, to O&M services.
Duke Energy, U.S.’s largest electric utility, acquired a majority interest in REC Solar in February, 2015, to better equip REC Solar to expand its offerings to commercial customers and extend the benefits of clean, cost-efficient distributed energy solutions to small and medium-sized businesses nationwide. The new agreement will further strengthen REC Solar’s sales and operations capabilities to meet the needs of the U.S. commercial solar market including the agricultural, manufacturing, retail, technology, nonprofit and government sectors.
With the deal, REC Solar will add more than 60 MW from 62 solar projects, bringing its portfolio to over 200 MW, installed or under construction. REC also picks up an additional 28 MW of operations and maintenance contracts, increasing the company’s O&M portfolio to more than 200 MW as well.
“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,” said Al Bucknam, CEO of REC Solar. “Our goal is to provide a sustainable competitive advantage for our clients while they focus on their core business.”
REC Solar will retain most of Stellar Energy’s personnel to ensure a seamless transition for Stellar’s customers. Stellar Energy president Ted Walsh, who led the company’s successful expansion, will join REC Solar as Vice President of Business Development. The transaction was completed with the parent company of Stellar Energy, Soligent Holdings.