Solarrus Corp., an independent service provider in the North American solar, electric vehicle and battery energy storage industries, has acquired Power Factors.
Based in San Leandro, Calif., Power Factors provides renewable asset owners with a hardware-agnostic software-as-a-service (SaaS) solution for performance monitoring, asset management and optimization. The company has over 4 GW of utility-scale, commercial, and residential solar and 200 MWs of wind assets under management.
Solarrus says this acquisition adds to the company’s software platform for monitoring and managing renewable energy assets, and Power Factors co-founders Steve Scales and Steve Hanawalt will join the Solarrus leadership team.
“The addition of Power Factors to Solarrus’s solution will be transformational for our business and for our customers,” says Solarrus CEO Mark McLanahan. “Solarrus now has the market-leading operations platform to complement its highly trained and professional operations and maintenance workforce.”
The acquisition of Power Factors is being financed primarily by funds managed by Oaktree Capital Management LP’s Power Opportunities Group, which is the majority owner of Solarrus.