Standard Solar Acquired by Gaz Métro
Standard Solar announced that it is being acquired by Gaz Métro, a leading energy provider with more than US$5.8 billion in assets that is actively involved in developing and operating energy infrastructures and innovative, promising energy projects.
Based in Canada, Gaz Métro is a diversified energy company that is active in electric distribution and production including solar and wind power, and natural gas distribution, LNG and renewable natural gas. The company is firmly established in the United States, with US$2.9 billion in assets in the U.S, and serving more than 315,000 clients through its various businesses and affiliates in the U.S. Northeast.
Standard Solar is committed to making distributed generation (DG) solar projects accessible to all solar segments across multiple states, including California, Connecticut, Delaware, Georgia, Maryland, Massachusetts, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Texas, South Carolina, Virginia and Washington D.C.
“We see in Standard Solar many of the same attributes we value as a company, including their commitment to anticipate and address the needs of current and future customers as well as the regions, municipalities and communities where it is established,” said Martin Imbleau, Senior Vice President Operations, Transport and Development of New Energies at Gaz Métro. “This is an exciting acquisition for Gaz Métro as it allows us to further diversify our energy solutions offerings, to reinforce our commitment to an energy transition and to strengthen our presence in the U.S.”
“This acquisition significantly magnifies Standard Solar’s potential to expand its market penetration by enhancing our ability to provide in-house financing for solar and energy-storage projects of all sizes,” said Scott Wiater, president and CEO, Standard Solar. “The deal also gives us unparalleled flexibility in the types of projects we can support.”
“This acquisition positions us to become an independent power producer (IPP), applying our deep expertise at every stage of a solar project,” Wiater continued. “We can accelerate and streamline every project including financing a fully developed project, offering developers our full suite of engineering, procurement and construction (EPC) functions, or providing services in between. With a track record of more than 1,500 solar installations dating back to 2004, we know what is required to get a project built.”
GTM Research’s U.S. Commercial Solar Landscape 2016-2020 report projects continued market growth in the segment and, that by 2020, the U.S. non-residential segment will reach 3 GW and a value of $3.8 billion. In addition, the commercial sector outpaced the residential sector for the first time since 2011, according to the U.S. Solar Market Insight 2016 Year in Review. GTM Research strongly believes this robust growth will continue over the next five years.
“The GTM Research report also identifies common criteria for success as a national commercial solar developer, including the ability to provide a source of low-cost capital and the ability to offer ancillary products and services such as energy storage,” said Tony Clifford, Standard Solar’s chief development officer. “With low-cost capital now available in-house, we can meet those criteria to develop and finance a wide variety of DG projects including energy storage, considerably alleviating many of the financing challenges that have dogged the commercial solar market.”
The transaction is expected to close in the coming weeks. The company will continue to operate as Standard Solar, maintain its Rockville, Md., headquarters and be managed by its current executive team.
Macquarie Capital served as financial advisor to Standard Solar.
Image Source: Gaz Métro