Australia-based solar developer CBD Energy Ltd. says it is in negotiations to acquire Charlotte, N.C.-based Green Earth Developers LLC (GED).
CBD says that the proposed acquisition of GED will accelerate its expansion into the U.S. commercial solar market. The two companies are collaborating on multiple projects.
CBD and GED anticipate that the proposed acquisition will take the form of a stock purchase, and that the selling shareholders and management will receive a combination of cash and ordinary shares of CBD in amounts still being negotiated. Upon completion of the proposed acquisition, GED will be a wholly owned subsidiary of CBD. GED Founder and CEO Donald Reed will continue as CEO of GED and will head CBD's commercial and utility business in the U.S.
‘We anticipate that our acquisition of GED will enable us to more quickly attain a significant market position in the commercial solar sector in the United States,’ says CBD CEO Gerry McGowan. ‘Over time, we expect GED's experience will also assist us in establishing and growing a competitive residential solar business in the U.S.’
