M+W Americas, the U.S. division of Germany-based engineering giant M+W Group, has acquired 100% ownership of Gehrlicher Solar America Corporation (GSAC).
Gehrlicher's German parent company, Gehrlicher Solar AG, filed for insolvency in July after a banking consortium terminated $109.5 million credit line. The group said at the time that the Gehrlicher Solar America subsidiary remained unaffected by the move.
M+W said the acquisition, announced Wednesday, provided it with "a proven capability in the engineering, procurement, construction, operations and management of solar power plant facilities in the 1 to 15 MW range." The group added that GSAC would operate as a stand-alone subsidiary.
Pointing out that GSAC's core operations span the market from big box rooftop installations and net metered distributed generation to medium-sized ground installations and utility-scale power plants exceeding 10 MW, M+W said the company complemented its own expertise in engineering and construction of PV manufacturing facilities, utility infrastructure and large scale power plants.
Together, they will be able to provide "a complete spectrum of services for customers seeking bankable surety and highly efficient renewable energy solutions for their power needs."
Rick Whitney, M+W Americas' president and CEO, said, "The renewable market is seeking companies that will take responsibility for project execution from inception through design, permitting, procurement, installation and eventually, operation. The combined capabilities of M+W and GSAC will provide that ‘one-stop-shop' for our clients."
M+W Group CEO Jürgen Wild added that the acquisition represented "a further step toward extending M+W Groups global competence in this market, so that we can provide our customers with comprehensive PV power plant solutions in Europe, Asia and now additionally in America."
Jerry Shinn, until now GSAC's chief operating officer, has been appointed company president, replacing CEO Stefan Parhofer at the helm. Parhofer remains a board member at Gehrlicher Solar AG.
GSAC is headquartered in Springfield, New Jersey, with branch offices in Boston, Massachusetts, Tempe, Arizona, and Mexico City, Mexico, and currently employs 52 employees.
The company focuses on the complete PV downstream value chain from project development through engineering, procurement and construction (EPC) and operations and maintenance (O&M) for commercial and utility scale projects. GSACs fast-growing portfolio includes projects across the U.S. and Puerto Rico as well as Mexico and the Caribbean.
In June, GSAC also became an approved supplier to the U.S. federal government after securing a five-year general services administration contract.
GSAC reported sales of approximately $73 million in 2012 and expects to exceed $150 million in 2013.
M+W Group is owned by Austria's Stumpf Group, whose global operations include engineering, smart and renewable energy, real estate and technology Investments.
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