Australia-based solar developer CBD Energy Ltd. has acquired Charlotte, N.C.-based Green Earth Developers (GED) for cash plus restricted shares of CBD common stock. CBD, which operates as Westinghouse Solar Inc. in the U.S., says it bought GED to accelerate its expansion in the U.S. commercial solar market.
‘GED is a strong, well-managed business with a robust project pipeline exceeding 50 MW (which would have construction value of approximately $80-$100 million),’ says Gerry McGowan, CBD's executive chairman and managing director." Both the CBD and the GED executive teams believe that by working together, we can finalize contracts for a significant portion of these and other opportunities and further grow our share of the U.S. commercial market in the coming year."
Don Reed, CEO of GED, adds, ‘GED has grown rapidly since its formation, but has been constrained by lack of capital. As a wholly owned subsidiary of CBD, we expect the company to benefit from additional opportunities originated through the CBD network and CBD's access to North American capital markets."