Canadian gas distributor Gaz Metro has agreed a deal to acquire US-focussed renewable energy group Standard Solar Inc.
Investment group Valener Inc (TSE:VNR), a 29% stakeholder Gaz Metro, highlighted to investors that the strategic deal expands the group’s presence and expertise in the rapidly growing U.S. solar energy industry.
The acquisition also opens the door to a promising approach of combining solar energy with other energy sources such as natural gas, it added.
Standard Solar presently has a portfolio of construction-ready projects, with some 80 megawatts of capacity in the development pipeline and more than 100 MW under management services.
Sophie Brochu, Gaz Metro chief executive, in a statement, said: “Gaz Métro is positioning itself to take full advantage of the projected growth in the solar energy industry, one of the fastest growing sectors in the US.
“What’s more, this acquisition reflects Gaz Métro’s willingness to increase its presence in the renewable energy segment while growing its current business operations.”
Brochu added: “Solar energy is a thriving industry in the US, and this acquisition comes at a perfect time for Gaz Métro.”
“With Standard Solar’s expertise and existing platforms, as well as our company’s long-term growth strategy, we are poised for success in the US.”
Story by ProactiveInvestors