SAN LUIS OBISPO, Calif. — REC Solar announced it has acquired Stellar Energy, a leading solar provider in the western U.S., through an asset purchase agreement. REC Solar is a national solar provider, focused on the commercial market, that provides customers with integrated solar solutions ranging from financing and design to operations and maintenance.
REC Solar said the acquisition strengthens its business by expanding its sales and operations capabilities to better meet the needs of the U.S. solar market.
As a result of the deal, REC Solar will add more than 60 megawatts from 62 solar projects, bringing its portfolio to over 200 megawatts, installed or under construction. REC also picks up an additional 28 megawatts of operations and maintenance contracts, increasing the company’s O&M portfolio to more than 200 megawatts as well.
“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.”
“We are excited about the breadth of resources REC Solar will bring our clients and our team,” said Stellar Energy president, Ted Walsh. “By combining our complementary services and strong customer relationships, we now have the resources to serve our customers with a fully integrated offering.”
REC Solar said it will retain most of Stellar Energy’s personnel to ensure a seamless transition. Walsh will join REC Solar as vice president of business development.
For more information, visit www.recsolar.com.
Publication date: 6/29/2015