Tri Global Energy, a renewable energy company with utility-scale wind energy projects, has added solar to its portfolio of renewable energy resources with the formation of a new business unit — TGE Solar — and the acquisition of K12Solar, a California-based provider of roof-top solar photovoltaic energy systems.
Tri Global Energy announces the solar company acquisition as the White House released the third round of U.S. business commitments for the American Business Act on Climate Pledge. Tri Global Energy was a signatory earlier this year with a pledge to diversify its renewable power holdings with the addition of a solar division and the acquisition of a solar energy company.
K12Solar focuses on providing energy efficiency assessments and positive cash-flow solar projects to non-profits and their communities through its proprietary financing vehicle that combines county/city funding via the PACE program (Property Assessed Clean Energy) program – an innovative mechanism for financing energy efficiency and renewable energy improvements on private property and other sources of capital to deliver the lowest cost of solar.
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“The acquisition reflects our commitment to fully develop a portfolio of renewable energy resources,” said John Billingsley, Tri Global Energy Chairman and CEO, “and is the first for the company’s new TGE Solar division.”
K12Solar is a pioneer of the business model that utilizes PACE and offers its customers solar panels with no money down through a long-term contract to buy solar energy in a monthly bill over time. Customers pay monthly energy bills that are usually lower than what they would pay to their utility.
The transaction provides Tri Global Energy with its first entry into solar power development and operations, broadening the company’s renewable business beyond its nearly 6,000 MW of wind energy capacity.
“K12Solar’s portfolio will add a growing, high-quality, long-term and contracted solar asset base to Tri Global Energy, strengthening our renewable power platform and reinforcing our commitment to clean energy,” Billingsley noted. “It is a logical next step in our expansion in renewable power.
The K12Solar acquisition brings more than 20 employees to TGE Solar, including Miguel de Anquin, K12Solar founder and CEO, who brings with him outstanding sales and business development leadership and capabilities. De Anquin will step into the new role as TGE Solar president and continue in his capacity as CEO of K12Solar, leveraging Tri Global Energy’s central back office administration with the goal of capturing substantial year-over-year sales.
— Solar Builder magazine
[source: http://solarbuildermag.com/news/tri-global-energy-solar-business-unit-acquires-k12solar/]
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