ABB_id2059
in News Departments > New & Noteworthy
print the content item

In a move that signals its entry into the U.S. residential solar market, Vancouver, British Columbia-based Finavera Wind Energy has agreed to acquire 100% of the equity of Solar Alliance of America for $6 million.

Under terms of the agreement, Finavera will acquire Solar Alliance for $4 million in cash and $2 million in stock. Artie Rose, president and CEO at Solar Alliance, will join Finavera’s board of directors when the transaction has been completed.

San Diego-based Solar Alliance, which had $20.7 million in revenue last year, is a solar sales and marketing firm focused on residential solar installations. 
Since its inception in 2009, the company has installed approximately 1,350
residential solar systems in Southern California.

"The national residential solar market in America has been growing at 60-70 percent annually due to the dramatic fall in solar panel prices, the rise in electricity rates from traditional utilities and the availability of tax incentives," explains Jason Bak, Finavera’s CEO. "Over the past four years, the Solar Alliance team has grown their company aggressively, and we feel that their skill set and cash flow complements our renewable energy development experience. This will allow us to jointly scale Solar Alliance over the forthcoming year in order to take advantage of the unprecedented growth in residential distributed solar generation."

The transaction is expected to close within 90 days and is subject to due diligence and customary closing conditions, notes Finavera.

IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015