May 22, 2014
sPower (Sustainable Power Group) a leading sustainable energy provider, announced the acquisition of Bosch Solar Energy North America entities with projects actively operating in the U.S. The acquisition complements sPower's existing distributed generation portfolio. The transaction follows sPower's acquisition of Tioga Energy's operating assets last year and its recent merger with Fir Tree Partners and Silverado Power. As a result of sPower's aggressive growth activities, sPower now owns or operates more than 130 solar energy projects across the country with a buildable pipeline of more than 400 MW.
"Bosch's diligence and commitment to building premium quality products is one of the key reasons we pursued this acquisition. sPower's mission is to support communities in the goal of reducing reliance on fossil fuels and switching to solar energy," sPower CEO, Ryan Creamer, commented. "This acquisition further demonstrates sPower's commitment to the long-term success of the solar industry."
Eric Daniels, Regional President, Bosch Solar Energy North America, said of the acquisition, "As we implement our previously announced exit of the solar energy business, we are pleased that these operations can continue under the direction of sPower. All of our customers have been notified and we are taking every measure to ensure a smooth transition with continued long-term quality of service."
Headquartered in Salt Lake City, with a satellite office in San Francisco, sPower (Sustainable Power Group) is a vertically integrated owner and operator of utility and distributed electrical generation systems across the US. sPower is actively buying solar development assets in any stage of development, as well as seeking to acquire operating solar projects in North America. sPower is a portfolio company of Fir Tree Partners, a leading global investment fund with more than 20 years of investing history and approximately $12BB of capital under management.
sPower's three-prong operating strategy consists of a balance between:
- developing early stage projects;
- acquiring and then running late-stage sustainable energy projects; and
- procuring fully operational assets.
sPower's unprecedented growth has secured its position as a leader in the renewable energy industry. sPower uniquely possess the leadership, vision, ability and resources to plan, fund, purchase, build, own and operate complex energy installations across a variety of segments.
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