REC Solar today announced it has acquired Stellar Energy, a leading solar provider in the western US, through an asset purchase agreement. REC Solar will provide customers with integrated, turnkey solar solutions ranging from financing and design to operations and maintenance.
This agreement strengthens REC Solar by expanding its sales and operations capabilities to better meet the needs of the US solar market. REC Solar will continue to focus on providing solar solutions exclusively to the commercial market, including the agricultural, manufacturing, retail, technology, nonprofit and government sectors.
As a result of the deal, REC Solar will add more than 60 megawatts from 62 solar projects, bringing its portfolio to over 200 megawatts, installed or under construction. REC also picks up an additional 28 megawatts of operations and maintenance contracts, increasing the company’s O&M portfolio to more than 200 megawatts as well.
New clients joining the REC Solar portfolio include many global leaders in the agriculture, food & beverage, manufacturing, mining & energy and entertainment industries, as well as school districts and municipalities.
REC Solar will retain most of Stellar Energy’s personnel to ensure a seamless transition for Stellar’s customers. Stellar Energy president Ted Walsh, who led the company’s successful expansion, will join REC Solar as Vice President of Business Development.
The transaction was completed with the parent company of Stellar Energy, Soligent Holdings.
Duke Energy, the nation’s largest electric utility, acquired a majority interest in REC Solar in February, 2015, to better equip REC Solar to expand its offerings to commercial customers and extend the benefits of clean, cost-efficient distributed energy solutions to small and medium-sized businesses nationwide.