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

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015