Standard Solar, Inc., a solar energy company specializing in the development, installation and financing of commercial solar electric systems nationwide, today announced that it is being acquired by Gaz Métro, a leading energy provider with more than US$5.8 billion in assets that is actively involved in developing and operating energy infrastructures and innovative, promising energy projects.
Based in Canada, Gaz Métro is a diversified energy company that is active in electric distribution and production including solar and wind power, and natural gas distribution, LNG and renewable natural gas. The company is firmly established in the United States, with US$2.9 billion in assets in the U.S, and serving more than 315,000 clients through its various businesses and affiliates in the U.S. Northeast.
Standard Solar is committed to making distributed generation (DG) solar projects accessible to all solar segments across multiple states, including California, Connecticut, Delaware, Georgia, Maryland, Massachusetts, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Texas, South Carolina, Virginia and Washington D.C.
“We see in Standard Solar many of the same attributes we value as a company, including their commitment to anticipate and address the needs of current and future customers as well as the regions, municipalities and communities where it is established,” said Martin Imbleau, Senior Vice President Operations, Transport and Development of New Energies at Gaz Métro. “This is an exciting acquisition for Gaz Métro as it allows us to further diversify our energy solutions offerings, to reinforce our commitment to an energy transition and to strengthen our presence in the U.S.”
“This acquisition significantly magnifies Standard Solar’s potential to expand its market penetration by enhancing our ability to provide in-house financing for solar and energy-storage projects of all sizes,” said Scott Wiater, President and CEO, Standard Solar. “The deal also gives us unparalleled flexibility in the types of projects we can support.”
The transaction is expected to close in the coming weeks. The company will continue to operate as Standard Solar, maintain its Rockville, Md., headquarters and be managed by its current executive team.
With more than US$5.8 billion in assets, Gaz Métro is a leading energy provider. Gaz Métro is actively involved in developing and operating innovative, promising energy projects, including natural gas as fuel, liquefied natural gas as a replacement for higher emission-producing energies, the production of wind and solar power and the development of biomethane. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and more than 205,000 customers. Gaz Métro is also present in Vermont, where it has more than 315,000 customers. There, it operates in the electricity production market and the electricity and natural gas distribution market. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (Gaz Metro inc. and Valener inc.) and employees.