U.S. solar electric system design and installation company REC Solar has announced this week that it will focus solely on the commercial PV market following the acquisition of its residential operations by Sunrun a consortium of solar companies owned by Mainstream Energy.
REC Solar will retain its operating name and will turn its attentions to growing its commercial-scale business, which includes installing PV plants for companies, federal agencies and utilities nationwide.
"Since 2001, REC Solar has earned a reputation for exceptional customer service and high quality system development in the commercial sector, underscored by our growing national footprint and repeat high-profile customers," said REC Solar board member, Angiolo Laviziano. "The commercial market is projected to grow upward of 40% in 2014, and this business division will strengthen REC Solars leadership position in the space."
REC Solar’s residential footprint dates back 17 years, during which time the company installed more than 11,000 individual rooftop arrays across the U.S. Its acquisition by Sunrun this week was part of a wider expansion by the latters parent company Mainstream Energy, which also included the purchase of the SnapNrack and AEE Solar’s residential division.
"The companies represent Mainstream Energys residential solar sales, design and installation; wholesale distribution; and mounting systems and hardware businesses, respectively," read a Sunrun press statement.
According to GTM Research, in 2013 REC Solar was one of the top five residential installers in the U.S., having shared market leadership in the sector with SolarCity as recently as 2010. "REC Solar is the industry leader in customer satisfaction and high quality construction," said Sunrun’s CEO, Lynn Jurich.
Meanwhile, REC Solar has since appointed a new CEO to head up the companys new commercial focus. Paul Detering has more than a decades worth of experience in the commercial solar market, and is the former CEO of Tioga Energy.
"The commercial and residential solar businesses are built upon fundamentally different models, with unique customer bases and disparate sources of capital," said Detering. "With this decision to focus on commercial, REC Solar can better serve the needs of our customers moving forward."
To date, REC Solar has completed more than 100 MW of commercial and industrial PV projects for a wide range of customers, including IKEA and federal government agency, the Department of Veterans Affairs.