GroSolar Acquires Borrego Solar Residential Sales Division
Two of the nation's leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.
"This is a great day for solar. Coupled with the new benefits in the Federal stimulus bill, groSolar is now poised to help with America's energy independence and economic recovery, while making it simple, fast and affordable for customers to 'go solar.' We look forward to integrating the Borrego Solar residential division's great reputation and quality into groSolar to benefit Californians." said Jeff Wolfe
As a result, groSolar will emerge as the fourth-largest residential solar power installer in the United States, while maintaining its national distribution and commercial operations as well. NGP Energy Technology Partners and SJF Ventures, two of the premier energy technology private venture capital funds in the United States, have provided capital for groSolar through previous transactions.
With the purchase, the groSolar name will begin appearing at Borrego Solar residential locations in San Diego, Berkeley, Sonoma, Orange County, Silicon Valley, and Massachusetts.
In a related release, Borrego Solar today announced that the company will narrow its focus to its fast-growing Commercial and Government Divisions, while immediately expanding operations to New York and New Jersey. Commercial and Government projects comprised 75 percent of the company’s revenue in 2008. Borrego Solar, which recently announced a $14 million round of venture financing, will continue to maintain significant operations in New England and California. GroSolar officials expect the acquisition to benefit homeowners by making solar electric power even more affordable through groSolar’s advanced sales, marketing and installation capabilities. Jeff Wolfe, CEO of groSolar, said: “This is a great day for solar. We look forward to integrating the Borrego Solar residential division’s great reputation and quality into groSolar to benefit Californians.”
With the sale of our Residential Division to groSolar, we can better address growing demand within the commercial and government sectors while expanding geographically into new regional markets,” said Aaron Hall, Chairman and CEO of Borrego Solar. The same month, the company signed a $175 million, four-year purchase agreement with Evergreen Solar to assure supply of its photovoltaic solar panels. The company signed an exclusive North American distribution agreement in October 2008 with Motech Industries, a leading maker of inverters that turn electricity from photovoltaic solar panels into household electricity. GroSolar also recently signed an exclusive distribution agreement for the Panel Claw flat roof solar mounting system.
Check out my other articles on Solar Heating
Source: RenewableEnergyWorld.com
Two of the nation's leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.
"This is a great day for solar. Coupled with the new benefits in the Federal stimulus bill, groSolar is now poised to help with America's energy independence and economic recovery, while making it simple, fast and affordable for customers to 'go solar.' We look forward to integrating the Borrego Solar residential division's great reputation and quality into groSolar to benefit Californians." said Jeff Wolfe
As a result, groSolar will emerge as the fourth-largest residential solar power installer in the United States, while maintaining its national distribution and commercial operations as well. NGP Energy Technology Partners and SJF Ventures, two of the premier energy technology private venture capital funds in the United States, have provided capital for groSolar through previous transactions.
With the purchase, the groSolar name will begin appearing at Borrego Solar residential locations in San Diego, Berkeley, Sonoma, Orange County, Silicon Valley, and Massachusetts.
In a related release, Borrego Solar today announced that the company will narrow its focus to its fast-growing Commercial and Government Divisions, while immediately expanding operations to New York and New Jersey. Commercial and Government projects comprised 75 percent of the company’s revenue in 2008. Borrego Solar, which recently announced a $14 million round of venture financing, will continue to maintain significant operations in New England and California. GroSolar officials expect the acquisition to benefit homeowners by making solar electric power even more affordable through groSolar’s advanced sales, marketing and installation capabilities. Jeff Wolfe, CEO of groSolar, said: “This is a great day for solar. We look forward to integrating the Borrego Solar residential division’s great reputation and quality into groSolar to benefit Californians.”
With the sale of our Residential Division to groSolar, we can better address growing demand within the commercial and government sectors while expanding geographically into new regional markets,” said Aaron Hall, Chairman and CEO of Borrego Solar. The same month, the company signed a $175 million, four-year purchase agreement with Evergreen Solar to assure supply of its photovoltaic solar panels. The company signed an exclusive North American distribution agreement in October 2008 with Motech Industries, a leading maker of inverters that turn electricity from photovoltaic solar panels into household electricity. GroSolar also recently signed an exclusive distribution agreement for the Panel Claw flat roof solar mounting system.
Check out my other articles on Solar Heating
Source: RenewableEnergyWorld.com
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