EDF Renewable Energy (EDF RE) announced April 25 the acquisition of Global Resource Options Inc. (d/b/a groSolar), a privately owned company, which provides development and turnkey engineering, procurement, and construction (EPC) of solar photovoltaic (PV) projects for developers, financiers, utilities, corporate, government, and other institutional clients.
The acquisition brings to EDF RE an autonomous business unit with a precise focus on distributed generation solar business. Closing is subject to customary conditions precedent.
Since its founding in 1998, groSolar has designed, built, procured equipment and installed more than 150 MW (2,000 installations) of solar PV systems across the U.S.
“We are very pleased to welcome groSolar to the EDF RE family. The company brings to EDF RE the ability to offer competitively priced distributed generation solar solutions to the growing Municipal, University, School and Hospital (MUSH), corporate, and utility customer base,” stated Tristan Grimbert, CEO and President of EDF RE. “The addition of an established and successful distributed generation business line contributes to our long-term growth plan to diversify the customer base and augments a comprehensive range of energy services that the EDF group offers to its customers worldwide.”
”groSolar benefits from the ability to leverage EDF RE’s deep technical resources and project development experience while remaining an independent subsidiary,” stated Jamie Resor, CEO of groSolar. “We worked collaboratively during the due diligence process to ensure that our respective cultures and customer oriented focus would fully align. And today we look forward with confidence to accelerate our reach in the expanding distributed generation solar market as part of EDF RE.”
EDF Renewable Energy is one of the largest renewable energy developers in North America with 8 GW of wind, solar, biomass, biogas, and storage projects developed and an installed capacity of 4.1 GW. As part of the EDF Group, EDF RE works closely with EDF Energy Services and DK Energy. Through these affiliates, EDF RE is able to facilitate product offerings that form a complete suite of services including energy supply, hedging strategies and risk management products along with options for demand response and on-site generation management.
Marathon Capital served as exclusive financial advisor to groSolar.
groSolar is an industry-leading large commercial- and utility-scale solar PV firm serving the 1 MW to 30 MW market. A one stop source for development and financing services to engineering, procurement, and construction to long-term operations and maintenance. groSolar’s experience includes projects at brownfields/landfills, agricultural properties, and educational, corporate, and manufacturing facilities.