Westinghouse Solar Inc., a designer and manufacturer of integrated rooftop solar power systems, and CBD Energy Ltd., a diversified renewable energy company, have entered into a definitive merger agreement.
The merger has been approved by the boards of directors of both companies, and consummation is targeted for the third quarter of this year, subject to satisfaction of limited closing conditions and approval by both companies' shareholders.
Margaret Randazzo, chief financial officer of Westinghouse Solar, has been appointed CEO. Barry Cinnamon, former CEO, is leaving the company. Westinghouse Solar says it will continue to produce and sell its rooftop solar power systems in the U.S. and will have near-term opportunities to distribute its systems in Australia and Europe through CBD.
Westinghouse Solar and CBD have already begun exploring the development of commercial projects and partnerships in North America, the companies add. CBD has begun introducing Westinghouse Solar products to its Australian distribution partners and is pursuing opportunities to increase contract volumes with its current customers that would deploy the Westinghouse Solar technology.