Greenskies Renewable Energy LLC, a Connecticut-based developer of commercial and industrial (C&I) solar projects, has been purchased by California-based Clean Focus Yield Ltd., an integrated group of renewable energy companies with global reach. Financial details of the deal were not disclosed.
With this acquisition, Clean Focus claims it has become the owner and operator of one of the largest C&I portfolios in the U.S. Greenskies will continue to operate under its brand and management from its Middletown, Conn., headquarters. All current Greenskies employees in Middletown will remain, with additional personnel growth in Connecticut and across the country to support its expansion.
Clean Focus says the acquisition adds to its already large C&I and small-utility portfolio, and Greenskies will benefit from increased financial resources and international scale to accelerate growth.
“Clean Focus is excited to add Greenskies to its integrated group of companies. This acquisition strengthens Greenskies, grows Clean Focus, and provides new opportunities for our customers and financing partners,” says Stanley Chin, president and CEO of Clean Focus. “We look forward to accelerated growth across a wide breadth of markets.”
Greenskies expects to expand its base of large corporate and retail clients, including Fortune 50 national big-box retailers, government entities, and utilities. Greenskies intends to build out its project pipeline of 350 MW and expand into new segments, including schools, hospitals, and community solar.
The management team of Greenskies is led by Will Herchel, who has been president since November 2016 and joined the company in January 2012.
“This purchase and investment is the next big step for Greenskies. We have seen explosive growth over the last five years, and this infusion of capital adds jet fuel to our business engine,” says Herchel. “With the support of Clean Focus, Greenskies will accelerate its growth, and it is better prepared to weather potential headwinds in the solar market.”
Photo courtesy of Greenskies: The company installed a 550.8 kW project atop a Target store in Clark, N.J.