REC Solar has acquired Stellar Energy through an asset purchase agreement. The contract will allow REC Solar to further provide customers with integrated, turnkey solar solutions ranging from financing and design to operations and maintenance.
As a result of the deal, REC Solar will add more than 60-MW from 62 solar projects, bringing its portfolio to more than 200-MW, installed or under construction. REC also adds an additional 28-MW of operations and maintenance contracts.
“With nearly two decades of experience working with commercial customers, REC Solar has a unique understanding of how to tailor solar solutions to meet the needs of businesses,” said Al Bucknam, CEO of REC Solar. “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. Our goal is to provide a sustainable competitive advantage for our clients while they focus on their core business.”
Stellar Energy president Ted Walsh will join REC Solar as vice president of Business Development. Additionally, REC Solar will retain most of Stellar Energy’s personnel.
The transaction was completed with Stellar Energy’s parent company, Soligent Holdings.
Power Engineering recently reported that Duke Energy (NYSE: DUK) acquired majority interest in REC Solar in February 2015.
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