SolAmerica Energy, a U.S. Solar Project Developer, To Form Equity Joint Venture with Osaka Gas USA
This joint venture marks OGUSA's first investment in the U.S. renewable energy space and will expand OGUSA's power portfolio in North America. SolAmerica Energy will use OGUSA's investment to grow its business in both new and existing markets.
ATLANTA, March 12, 2020 /PRNewswire-PRWeb/ -- Osaka Gas USA (OGUSA), a 100% subsidiary of Osaka Gas Co., Ltd., has agreed to invest in SolAmerica Energy, a U.S. distributed solar energy project developer and EPC provider.
Founded in 2009, SolAmerica Energy has developed and constructed more than 100 MW of solar projects across the eastern half of the United States. Through its investment, OGUSA will hold a significant, non-controlling equity interest in a newly formed joint venture company, alongside SolAmerica Energy management team and existing shareholders.
This joint venture marks OGUSA's first investment in the U.S. renewable energy space and will expand OGUSA's power portfolio in North America. SolAmerica Energy will use OGUSA's investment to grow its business in both new and existing markets. The focus of this growth will include solar-plus-storage, community solar, and commercial and industrial behind-the-meter solar projects in response to growing customer demands.
Renewable energy represents an increasing share of the U.S. power generation mix. Demand for both on-site and small utility-scale distributed solar and storage projects is expected to expand as customers and utilities increasingly benefit from these solutions.
"OGUSA is really excited about this strategic partnership with SolAmerica Energy. We believe it will be a meaningful step for us towards our goals in the U.S. renewable sector. OGUSA will continue our deep commitment to the U.S. power industry in parallel with our natural gas generating business," said Tetsushi Ikuta, President of OGUSA.
R. Stanley Allen, Chief Executive Officer of SolAmerica Energy, said, "Our team at SolAmerica is excited about OGUSA's investment in our business. We look forward to working with OGUSA to continue growing our solar and storage development capabilities throughout the U.S."
Osaka Gas, part of the Daigas Group, is focused on fostering a low-carbon society. This mission includes development and operation of renewable energy projects and expansion of its footprint in the U.S. renewable energy space. OGUSA's decision to partner with SolAmerica Energy, a leading distributed solar company, aligns with its support for the transition to sustainable, low-cost energy.
About SolAmerica Energy
Founded in 2009, SolAmerica Energy is passionately devoted to the efficient deployment of solar power. The SolAmerica team provides development, EPC and operations and maintenance for solar photovoltaic (PV) projects. Working with business, the public sector and utilities, SolAmerica optimizes and delivers turnkey solar solutions. Our goal is to provide every client with a customized solar solution that fits its energy needs, financial goals and sustainability targets. For more information, visit http://solamericaenergy.com/
SOURCE SolAmerica Energy
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