Sun Edison, LLC Acquires Team Solar, Inc. To Become the Nation's Largest Solar Electric Contractor
Posted on: Thursday, 10 August 2006, 12:00 CDT
SunEdison today announced that it has acquired Team Solar, Inc., one of Northern California's largest installers of photovoltaic (PV) solar electric systems. Combined with SunEdison's operations in all other active solar markets -- HI, CO, CT, NJ, and NV -- this transaction makes SunEdison the nation's largest commercial PV contractor, underscoring the company's commitment to simplifying solar for large-scale electricity consumers.
Team Solar will continue to operate from its offices in Sacramento, covering all projects in the region. "We are excited to leverage our strong installation experience with SunEdison's turn-key project management and financing capabilities and to have the opportunity to work on SunEdison's impressive project pipeline," said Rick Lavezzo, CEO of Team Solar.
Jigar Shah, CEO of SunEdison, said, "This acquisition positions SunEdison as the largest provider of solar electric products and services in the country, with concentrated capabilities in California which, due to the recent California Solar Initiative, is currently the most active solar market. Team Solar's excellent reputation in Northern California makes it a perfect partner for SunEdison -- its well-established operational capabilities and installation experience will further enable SunEdison to provide competitively priced solar energy at or below local utility rates."
The addition of Team Solar's 11 megawatts (MW) of experience brings SunEdison's cumulative portfolio of installations to more than 24 MW, the largest of its kind in the US. SunEdison also recently closed a $26.1 MM private equity round led by Goldman Sachs.
Sun Edison, LLC, headquartered in Baltimore, Maryland, offers clients an innovative set of financial solutions based around solar technologies, to meet the energy needs of its clients. SunEdison provides solar generated energy at or below current retail utility rates to a broad and diverse client base -- from public agencies to private enterprises to non-profit organizations. www.sunedison.com
Team Solar, Inc., headquartered in Sacramento, California, is one of the most experienced commercial and residential photovoltaic solar installers in the state. Team Solar is dedicated to deploying valuable, durable, high performance utility grade solar electric solutions at businesses, residences, independent power producers, municipal utilities, and government institutions in a timely, professional and cost effective manner. www.teamsolarinc.com
Source: Business Wire
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