Sunrun Acquires REC Solar’s Residential Division
Sunrun has acquired the residential division of REC Solar, along with AEE Solar and SnapNrack. The three companies represent Mainstream Energy’s residential solar sales, design and installation; wholesale distribution; and mounting systems and hardware businesses, respectively.
In the commercial market, REC Solar will continue as an independent organization under the legal name REC Solar Commercial. The value of the transaction was not disclosed.
As for its commercial business, REC Solar will focus solely on bringing commercial-scale solar projects to businesses, federal agencies and utilities nationwide. REC Solar’s recently-hired CEO Paul Detering, who previously served as CEO of Tioga Energy, said “The commercial and residential solar businesses are built upon fundamentally different models, with unique customer bases and disparate sources of capital.”
The commercial market is projected to grow upwards of 40 percent in 2014, according to REC Solar.
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