Solar Frontier, a CIS solar energy solutions company, has entered into a definitive agreement to acquire an 280-MW U.S. solar power project pipeline from Gestamp Solar, a global developer and operator of utility-scale solar power plants.
“This transaction will uniquely position Solar Frontier and its new world-class team to execute on the 280 MW pipeline, thereby strengthening our global presence and allowing us to better leverage our performance advantages to achieve higher returns for our project investors,” said Charles Pimentel, chief operating officer of Solar Frontier Americas. "This also enables our team to build a more sustainable presence for Solar Frontier in the Americas and will certainly galvanize our existing and future relationships with our partners, suppliers, and end customers.”
The development team leading Gestamp Solar’s U.S. operations will join Solar Frontier’s U.S. subsidiary, Solar Frontier Americas. Solar Frontier is now bringing its broader market solutions to the U.S. through the transaction; and will sell completed solar power plants to investors.
“The U.S. downstream expansion is part of Solar Frontier’s growth strategy to accelerate our business in key global markets through 2015 and beyond,” said Atsuhiko Hirano, chief executive officer of Solar Frontier. "The company has achieved world-class production costs and delivered exceptional product performance in Japan, a country recognized globally for demanding the highest quality in solar. We plan to bring that same quality and performance to our fully integrated business in the U.S. and the Americas.”
Gestamp Solar is a global solar developer with projects in Spain, Italy, France, South Africa, Mexico, Japan, Peru, Chile and the U.S. Additionally, Gestamp Solar is backed by a $13B, multinational, industrial holding group, Corporacion Gestamp. Gestamp Solar has developed more than 600-MW globally.
Solar Frontier has supplied nearly 3GW of CIS modules to commercial and utility-scale clients worldwide, including a 82.5 MW solar power plant in California.
Solar Frontier’s U.S. development operations will be based in San Francisco, California.
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