ITOCHU Corp., jointly with ITOCHU International Inc., has agreed to acquire the business of SolarNet LLC, a solar energy solutions provider that includes DC Power Systems – the largest privately held wholesale distributor of solar energy systems in the U.S. – and Stellar Energy Solutions.
With the acquisition of SolarNet, the combined market share of Solar Depot and DC Power will give ITOCHU collectively the largest solar distribution network in the U.S., the company says.
SolarNet will be operated as a majority-owned subsidiary of ITOCHU, beginning immediately. While the current management and employees will be retained, ITOCHU personnel will be added to strengthen the capability of SolarNet.
ITOCHU expects this development to result in an improved product offering and level of service for solar dealers and customers across the country. According to the company, the acquisition also gives ITOCHU a project pipeline of over 80 MW across the U.S.
SOURCE: ITOCHU International Inc.