U.S. solar mounting systems provider RBI Solar has signed a deal to acquire German mounting specialist Renusol GmbH.
The agreement for the Cologne-based company, a subsidiary of insolvent German group Centrosolar, includes U.S. division Renusol America, which is 100% owned by Renusol GmbH.
The acquisition is seen as a further step in the Ohio-based RBI’s international expansion.
"With Renusol we gain over 15 years of expertise in the area of residential and commercial projects," said RBI President Richard Reilly. "This is a decisive step in our company growth and fits perfectly with our products and service portfolio. Renusol has proven, innovative and cost-effective solutions."
Centrosolar said the complete sale of Renusol would bring the insolvent company some 2.6 million following the deduction of debts and the cost of sale. The group added that the sale had been part of the cornerstones of the insolvency plan announced in February. Centrosolar will continue to focus on the North American market through its Centrosolar America, Inc. subsidiary. Centrosolar filed for bankruptcy protection in October.
Speaking to pv magazine, Renusol Managing Director Stefan Liedtke said all of Renusol’s employees would remain with the company following the sale.
"The combination of RBI and Renusol is a significant milestone for our company," Liedtke said. "The combination increases the resources to deliver innovative products and services in all areas, especially in the sector of ground mounting to our customers in Europe. With RBI’s multiple manufacturing facilities, two in the U.S. and one in China, we are now able to offer our innovative mounting solutions outside of Europe, so this is truly a win-win deal."
RBI General Manager Bill Vietas added that the acquisition would allow the companies to utilize synergies to further improve products and services for customers.
Headquartered in Cincinnati, RBI Solar designs, engineers, manufactures and installs solar mounting systems for commercial and utility scale PV projects.