 Standard Solar currently has a portfolio of construction-ready projects for a total of nearly 80 MW, a significant development pipeline, and over 100 MW of solar generation capacity under management services. |
Gaz Metro Limited Partnership has announced the acquisition, through one of its subsidiaries, of Standard Solar, Inc., a leading solar energy firm specializing in the development, installation and financing of commercial solar electric systems in many states across the United States.
This strategic deal not only expands Gaz Metro's presence and expertise in the rapidly growing U.S. solar energy industry, but also opens the door to a promising approach of combining solar energy with other energy sources such as natural gas in the U.S. The acquisition also contributes towards fulfilling Gaz Metro's objective of actively participating in the reduction of the energy sector's environmental footprint and to lowering GHG emissions.
Based in Rockville, Maryland, Standard Solar is a commercial, industrial and institutional solar developer, engineering, procurement and construction management, as well as operations and maintenance services provider operating in multiple states in the U.S., including California, Connecticut, Maryland, Massachusetts, New Mexico, New York, North Carolina, and Washington D.C.
Standard Solar currently has a portfolio of construction-ready projects for a total of nearly 80 MW, a significant development pipeline, and over 100 MW of solar generation capacity under management services.
"Gaz Metro is positioning itself to take full advantage of the projected growth in the solar energy industry, one of the fastest growing sectors in the U.S. What's more, this acquisition reflects Gaz Metro's willingness to increase its presence in the renewable energy segment while growing its current business operations," said Sophie Brochu, President and Chief Executive Officer of Gaz Metro.
"Standard Solar is a dynamic and experienced player in a growing industry led by a seasoned and highly competent management team with a sterling reputation and outstanding track record."
"Solar energy is a thriving industry in the U.S., and this acquisition comes at a perfect time for Gaz Metro," continued Ms. Brochu. "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 U.S."
Gaz Metro, through its Vermont-run subsidiary Green Mountain Power, has extensive experience operating approximately 30 MW of total capacity solar in the state, and has sponsored hundreds of solar air preheating system projects in Quebec.
With this acquisition, Gaz Metro will be adding to its current expertise and strengthening its position as a leading energy player constantly seeking to remain one step ahead in anticipating and addressing the needs of its customers in all regions and municipalities, and those of the local organizations and communities it serves.
Through the agreement, Gaz Metro indirectly acquires 100% of Standard Solar's shares. The transaction is pending a regulatory approval and is expected to close in the coming weeks.
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