Finavera Wind Energy Inc. closed the previously announced acquisition of Solar Alliance of America. Under the terms of the Share Purchase Agreement, Finavera has acquired 100% of the equity in Solar Alliance for 11,915,238 shares of the company and contingent payments of up to $4 million in cash comprised.
Finavera is immediately implementing a strategic marketing initiative in order to grow Solar Alliance sales, maximize profits from sales and expand into new markets. This initiative will be carried out in conjunction with an enhanced investor relations campaign designed to grow awareness of the Solar Alliance brand, business model and opportunities for investment.
“This transaction marks a pivotal milestone for the company and our shareholders,” said Finavera CEO Jason Bak. “The residential solar market in America is growing at an incredible pace and with less than 1 percent of U.S. residential homes having installed solar systems, Solar Alliance is perfectly positioned to capitalize on that growth. We will be aggressively expanding the Solar Alliance brand throughout California in order to create a powerful player in the U.S. residential rooftop solar market.”
Located in San Diego, California, Solar Alliance is a solar sales and marketing firm focused on residential solar installations. In 2013, Solar Alliance had $20.7 million in revenue. Finavera believes the current revenue of Solar Alliance, combined with new growth and a strong investor appetite for publicly traded solar companies, will deliver a significant increase in value for Finavera shareholders moving forward.
Finavera is focusing its renewable energy development efforts on residential and utility-scale solar projects in America. Through its subsidiary, Solar Alliance of America, Finavera’s mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360 MW of wind projects and subsequently sold them to utilities or large independent power producers.
— Solar Builder magazine