Solar Alliance purchases US renewables engineering firm Aries
Canada's Solar Alliance Energy has acquired US company Aries Solar in a deal worth around $1m. The purchase gives Solar Alliance control of the 45 commercial solar schemes that Aries has in development, worth a total of $18m in potential revenue. Aries has licences to operate in four south-eastern US states and has installed 5 MW of photovoltaic solar capacity to date. The company specialises in engineering, procurement and construction services in the commercial solar sector.

Canadian firm Solar Alliance Energy Inc (CVE:SAN) has wrapped up the acquisition of US-based Aries Solar LLC and its pipeline of commercial solar projects.

The target entity and all of its assets were bought from Thompson Machinery Commerce Corp in a contingent payment deal of up to USD 1 million (EUR 859,300), Solar Alliance said on Wednesday. The acquired project pipeline includes 45 commercial solar schemes in different stages of development, including prospecting, proposal and contract negotiations. If constructed, the projects will bring a potential revenue of about USD 18.8 million, the buyer announced previously.

Aries Solar is engaged in the provision of engineering, procurement and construction services for the commercial solar sector. It has licences to operate in four Southeast US states and has installed 5 MW of photovoltaic (PV) capacity.

The acquisition is part of Solar Alliance’s plan to enhance its activities in the residential, commercial and utility-scale solar sectors, CEO Jason Bak noted, adding that it will also lead to a material increase in revenues. For Aries Solar, it is seen as an opportunity for the addition of more services to its offerings, according to Harvey Abouelata, former president of Aries Solar. Abouelata will take the post of vice president commercial solar at Solar Alliance following the deal.

(USD 1.0 = EUR 0.859)

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