Argand Energy Solutions, a North Carolina-based solar developer and engineering, procurement, and construction (EPC) company, has sold its majority interest to an affiliate of Entropy Investment Management. Financial details of the acquisition were not disclosed.
Pursuant to the deal, Argand says it will now be known as Entropy Solar Integrators and will provide EPC and development services to an expanding portfolio of solar projects currently under development by Entropy and a select group of customers.
‘The solar energy industry is growing rapidly, and the importance of economies of scale and efficient sources of project finance are critical to growing a large solar energy business,’ comments Erik Lensch, CEO and founder of Argand Energy Solutions. ‘We are getting closer every day to a world in which solar energy is the most affordable source of electricity, and this acquisition will allow us to compete on a national and global scale.’
Entropy Investment Management is a specialty energy investment and management company that engages in asset finance, private equity investments and arbitrage investments primarily in renewable and alternative energy in North and South America and the Caribbean. Entropy is majority owned by York Capital Management.
‘We are excited that such a strong team has chosen to join our quest to build one of the best renewable energy companies in the world," says Lewis Reynolds, managing partner of Entropy." Bringing EPC capabilities under our tent will allow us to more efficiently execute our business plan, and we look forward to working with the new members of our team to take advantage of the numerous opportunities being created in this fast-moving industry."