Canada-based Finavera Wind Energy Inc. has signed an agreement to acquire Solar Alliance of America Inc., a sales and marketing firm with headquarters in San Diego.
Finavera had originally announced its intentions to buy Solar Alliance last summer.
Under the terms of the new agreement, Finavera will acquire 100% of the equity of Solar Alliance for 11.9 million shares of the company and up to $4 million in cash. The contingent payments are subject to Solar Alliance meeting certain revenue targets during any of the fiscal quarters beginning after the closing date of the agreement and ending on or before Dec. 31, 2017. As part of the deal, Finavera will advance $1.2 million to Solar Alliance.
The agreement is subject to regulatory approval and customary closing conditions.
‘The residential solar market in America represents a revolution for distributed renewable power generation,’ says Jason Bak, Finavera's CEO. ‘We plan to grow Solar Alliance organically throughout California and make further acquisitions in order to become a significant player in the U.S. residential solar market.’