Gaz Métro – a Québec-based natural gas distributor has made an acquisition that will enable the company to expand its competitive base in the U.S. energy market. The company announced the acquisition of Maryland based Standard Solar on March 7, through its subsidiary, Vermont-run Green Mountain Power.
In making the 100 percent purchase of the solar firm, Gaz Métro noted that it already had “extensive experience operating approximately 30 MW of total capacity solar in [Vermont], and has sponsored hundreds of solar air preheating system projects in Québec.”
With this acquisition, Gaz Métro said, the company “will be adding to its current expertise and strengthening its position as a leading energy player constantly seeking to remain one step ahead in anticipating and addressing the needs of its customers in all regions and municipalities, and those of the local organizations and communities it serves.”
In addition,“This strategic deal not only expands Gaz Métro’s presence and expertise in the rapidly growing U.S. solar energy industry, but also opens the door to a promising approach of combining solar energy with other energy sources, such as natural gas in the United States,” the company commented in a formal statement.
Standard Solar is a commercial, industrial and institutional solar developer, providing engineering, procurement and construction management, as well as operations and maintenance services. Among the states in which it currently does business are California, Connecticut, Maryland, Massachusetts, New the District of Columbia.
Indeed, the acquisition target currently has a portfolio of construction-ready projects for a total of nearly 80 MW, a significant development pipeline, and over 100 MW of solar generation capacity under management services, Gaz Métro said.
“Gaz Métro’s [wants] to increase its presence in the renewable energy segment while growing its current business operations,” said CEO Sophie Brochu.”Standard Solar is a dynamic and experienced player in a growing industry led by a seasoned and highly competent management team with a sterling reputation and outstanding track record.”
“With Standard Solar’s expertise and existing platforms, as well as our company’s long-term growth strategy,” she said, “we are poised for success in the United States.”
Through the agreement, Gaz Métro indirectly acquires 100% of Standard Solar’s shares. The transaction is pending a regulatory approval and is expected to close in the coming weeks.
Financial details of the agreement were not disclosed.