Solar balance-of-systems company Shoals Technologies Group has announced an investment by funds managed by the Power Opportunities group of Oaktree Capital Management LP. Terms of the investment were not disclosed.
Founded in 1996, Shoals designs and manufactures a range of products for solar and energy storage projects, including combiner boxes, junction boxes, wiring, and monitoring solutions, among others. The company says it has deployed its products on more than 25 GW of solar projects in markets across North America, Europe, Asia and Africa.
“We are very proud of the innovation, performance and reliability we have brought to the solar industry over the past two decades,” says Dean Solon, founder and CEO of Shoals Technologies Group. “Today, we are seeing incredible demand for our BLA solution, an integrated wire harness that eliminates combiner boxes and significantly reduces installation cost. Partnering with Oaktree provides Shoals with the resources, expertise, and support to help drive further growth and success in the rapidly expanding international solar and energy storage markets.”
Oaktree’s Power Opportunities group has a strong track record of investing in energy industry companies that provide equipment, services and software used in the generation, transmission, distribution, and consumption of electricity and other energy and utility resources.
“As the solar market matures, customers are demanding high-quality and long-lasting system solutions that deliver maximum value,” says Peter Jonna, senior vice president of Oaktree’s Power Opportunities group, who adds, “We are very excited to partner with Dean and his team to support their continued growth and success.”