E.D.F. | PRESS RELEASE 25 april 2016 | |
EDF signs an agreement for the acquisition of Global Resource Options, Inc, pursuing its expansion in renewables in the United States
EDF Renewable Energy* (EDF RE), the EDF Group subsidiary responsible for renewable activities in the United States, has signed an agreement for the acquisition of Global Resource Options Inc. (doing business as "groSolar"), a player specialised in the development, sale and installation of solar photovoltaic plants for utilities, corporations, and industrial operators.
Established 18 years ago in Vermont, groSolar is comprised of approximately 50 employees and ranks among the leading operators in the U.S. in this specific segment of solar project development with an average installation capacity of 5 MWp. Recognised for its expertise and know-how, groSolar originates, develops, constructs, and offers end-to-end solutions for its customers.
Throughout its history, groSolar has developed more than 2,000 installations - or the equivalent of 150 MWp - across the United States, including Massachusetts, New Jersey, Pennsylvania, North Carolina, Connecticut, Indiana and California.
Established for almost 30 years in the United States, Canada and Mexico, today EDF RE, the American subsidiary of EDF Energies Nouvelles (EDF EN), is one of the largest players in the North American renewable energy market. The company has established itself as a key player in the growing corporate purchaser segment by signing 543 MW of supply contracts with major American firms such as Google, Microsoft and P&G. EDF RE, has developed over 8 GW of renewable power generation projects; owns 4.1 GW of installed power, and operates a total of 10 GW. The subsidiary has also just announced the construction of a future 115 MWp solar project in California.
On this occasion, Jean-Bernard Lévy, President and Chief Executive Officer of EDF, declared: "Now integrated into EDF RE, groSolar will further strengthen the technical skills and expertise of the Group in the United States. In line with its CAP 2030 strategy, this acquisition will enable EDF, through EDF EN Group its renewable arm, to offer this segment of commercial and industrial customers an ever-expanding range of competitive, decentralised and low-carbon solutions. This acquisition is a way to further anchor the Group's long-term presence in North America, a strategic geographic region for EDF's international development".
The agreement is subject to customary conditions precedent to be satisfied in the coming weeks.
*, EDF Energies Nouvelles' North American branch (Group subsidiary dedicated to renewable energies)
A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 37.8 million customers, of which 28.3 million in France. The Group generated consolidated sales of €72.9 billion in 2014, of which 45.2% outside of France. EDF is listed on the Paris Stock Exchange.
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Source: EDF via Globenewswire
