Investment management firm Oaktree Capital Management, L.P. has acquired California-based Solarrus Corporation, a leading service provider to the solar, electric vehicle and energy storage markets in North America.
While declining to disclose financial details of the deal, Solarrus said the control investment by Oaktree-managed funds would provide company with the capital and strategic support needed to continue its development as a market leader in the power and energy markets.
Solarrus has also appointed Mark McLanahan as the companys new CEO, describing the chief exec as a successful solar industry entrepreneur with more than a decade of experience who has led high-growth, profitable companies across the international solar value chain.
Bill Klein, Solarrus co-founder and former president and CEO, said Oaktrees commitment to Solarrus provided assurance that it would have the financial and strategic backing to continue providing the highest levels of service to its customers. Klein stressed that the investment company had a long and successful track record investing in the solar and power markets.
Both Klein and Solarrus co-founder and former Chairman Fred Forster will remain on the companys board of directors.
Oaktree Managing Director Michael Cardito added, We are very optimistic about the outlook for renewable energy capacity additions and the growing demand for operations and maintenance services needed to support this infrastructure.
Cardito pointed out that Solarrus had a strong position in the electric vehicle charging station market, which he described as a nascent industry with enormous growth potential.
Solarrus subsidiaries include leading O&M service providers True South Renewables, Inc. and MaxGen Energy Services, LLC.