EDF Renewable Energy (EDF RE) has acquired Global Resource Options Inc., dba groSolar, a privately owned company that provides development and turnkey engineering, procurement and construction (EPC) of solar PV projects.
Since its founding in 1998, Vermont-based groSolar has worked on more than 150 MW (2,000 installations) of solar across the U.S. Part of the EDF Group, EDF RE is one of the largest renewable energy developers in North America, with 8 GW of wind, solar, biomass, biogas and storage projects developed and an installed capacity of 4.1 GW.
“We are very pleased to welcome groSolar to the EDF RE family. The company brings to EDF RE the ability to offer competitively priced distributed generation solar solutions to the growing municipal, university, school and hospital (MUSH), corporate, and utility customer base,” states Tristan Grimbert, CEO and president of EDF RE. “The addition of an established and successful distributed generation business line contributes to our long-term growth plan to diversify the customer base and augments a comprehensive range of energy services that the EDF group offers to its customers worldwide.”
“groSolar benefits from the ability to leverage EDF RE’s deep technical resources and project development experience while remaining an independent subsidiary,” explains Jamie Resor, CEO of groSolar. “We worked collaboratively during the due diligence process to ensure that our respective cultures and customer-oriented focus would fully align. And today we look forward with confidence to accelerate our reach in the expanding distributed generation solar market as part of EDF RE.”
Marathon Capital served as exclusive financial advisor to groSolar, and financial details of the deal were not disclosed.