CBD Energy acquires 30% stake in Environmental Engineering


Australian solar group CBD Energy (CBDE) has acquired a 30% share in Environmental Engineering Group Thailand (EEG).

As part of the deal, CBDE intends to grant EEG a sub-license to use the Westinghouse Solar brand in Thailand. CBDE said the company had developed "a unique market position with an attractive model for commercial solar rooftops, which is supported by a partnering agreement with the government-owned Provincial Electricity Authority's renewable energy subsidiary PEA ENCOM."

The group added that the agreement would ensure that CBDE participates in EEG's "extensive project pipeline of more than 100 MW with the potential for significant and rapid growth."

The pipeline is in addition to an agreement with EEG announced earlier this month to participate in the construction of 64 MW of solar projects with a projected development cost of approximately $112 million. The projects are supported by 25-year power purchase agreements.

CBDE acquired the exclusive worldwide license to market its residential and commercial solar under the Westinghouse Solar name. The company said the branding value of the Westinghouse name, backed by its 20 year warranty on systems it installs, could enable it to rapidly develop new markets and new customers. As part of the transaction between the two companies, CBDE intends to grant EEG a sub-license to trade under the Westinghouse Solar brand.

CBDE Executive Chairman Gerry McGowan said geographic diversification was one of the company's core strategies for achieving growth and predictable cash flows.

"We feel Thailand represents an incredible opportunity to capitalize on a rapidly developing market with growing power needs, and blends well with projects we have under development in North America, Europe, U.K. and Australia."

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