REC Solar announced it has acquired Stellar Energy, a solar provider in the western U.S., through an asset purchase agreement. REC Solar will provide customers with integrated, turnkey solar solutions ranging from financing and design to operations and maintenance.
“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.”
This agreement strengthens REC Solar by expanding its sales and operations capabilities to better meet the needs of the U.S. solar market. REC Solar will continue to focus on providing solar solutions exclusively to the commercial market, including the agricultural, manufacturing, retail, technology, nonprofit and government sectors.
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.”
New clients joining the REC Solar portfolio include many global leaders in the agriculture, food & beverage, manufacturing, mining & energy and entertainment industries, as well as school districts and municipalities.
“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 will retain most of Stellar Energy’s personnel to ensure a seamless transition for Stellar’s customers. Stellar Energy president Ted Walsh, who led the company’s successful expansion, will join REC Solar as Vice President of Business Development.
The transaction was completed with the parent company of Stellar Energy, Soligent Holdings.
Duke Energy acquired a majority interest in REC Solar in February 2015 to better equip REC Solar to expand its offerings to commercial customers and extend the benefits of clean, cost-efficient distributed energy solutions to small and medium-sized businesses nationwide.