This sale gives Soligent additional resources to achieve its goal of transforming the distribution space through best-in-class software, financing, and equipment for its solar partners.
Rohnert Park, CA (PRWEB) June 17, 2015
Soligent, the industry leader in solar distribution in the Americas, today announces the sale of its commercial energy provider, Stellar Energy, to REC Solar through an asset purchase agreement. Duke Energy, the nation’s largest electric utility, recently acquired a majority interest in REC Solar, a national fully integrated solar solutions provider focused exclusively on commercial businesses.
Stellar Energy has expanded rapidly since 2013, growing over 100% year over year. In 2013, Stellar took steps to significantly increase its growth by refining its sales strategy and streamlining operations. As a result, Stellar will bring 60 Megawatts from 62 solar projects completed or in process to the REC Solar portfolio, as well as maintenance contracts for an additional 28 Megawatts across 32 projects. The bulk of the Stellar team and its sales pipeline will also transition to REC Solar.
“By joining with REC Solar, the Stellar team is in a position to build on their great progress over the last two years and to bring solar to more customers than ever before,” stated Mark Laabs, Soligent’s COO.
With the proceeds of the sale, Soligent will further invest in its comprehensive suite of value-added solar services and equipment procurement, which it provides to nearly 5,000 solar installers, energy efficiency firms, electrical contractors and roofing companies across the Americas. Soligent is developing a turnkey software platform to function alongside its solar financing and premium equipment, ensuring that installers have the tools they need to bring solar to every roof in America.
“This sale gives Soligent additional resources to achieve its goal of transforming the distribution space through best-in-class software, financing, and equipment for its solar partners. With this additional investment in Soligent’s distribution business, we will continue to rapidly expand our footprint and offering as we change the way solar is installed in the U.S,” says Jonathan Doochin, CEO of Soligent.
Soligent Distribution is the largest pure play solar distributor and end-to-end enablement platform in the Americas, supplying over 5,000 solar installers with equipment, financing, and software they need to accelerate the adoption of solar while making their businesses more competitive and profitable. Soligent has been a pioneer in the solar industry for decades and continues to drive the market forward with innovative solutions ranging from materials management to project financing. Headquartered in Northern California, Soligent provides solutions to help local and regional dealers grow. With advanced training, residential and commercial project financing, multi-site distribution centers in New Jersey, Northern and Southern California, Soligent is well positioned as a responsive, flexible solar partner. For more information, visit http://soligent.net/ or call 1-800-967-6917.
About REC Solar
REC Solar is a provider of high-quality solar and energy-saving solutions to a wide range of commercial customers nationwide, including businesses, governments and non-profits. The company provides financed end-to-end service offerings to help its customers reduce energy costs, decrease greenhouse gas emissions and demonstrate corporate sustainability. Over 17 years, REC Solar has installed and managed more than 500 commercial systems nationwide in excess of 175 megawatts. For more information, visit RECSolar.com or call 844-REC-SOLAR (844-732-7652).
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