Limited Partnership Gaz Metro announced Tuesday the acquisition, through one of its subsidiaries, of Standard Solar.
This company specializes in the development, installation and financing of commercial solar photovoltaic systems in many states throughout the United States.
Gaz Metro described in a press release a “strategic acquisition” that will enable it “to increase its presence and expertise in the (…) solar energy sector in the US”, in addition Open the door “to a promising approach, combining solar energy with other forms of energy such as natural gas, in the US market.”
The financial terms of the transaction have not been disclosed.
Headquartered in Rockville, Maryland, Standard Solar is a provider of development, engineering, procurement and construction services, and the operation and maintenance of solar systems in the commercial, industrial and institutional sectors.
Standard Solar currently has a portfolio of ready-to-operate projects with a total capacity of approximately 80 MW, as well as a large portfolio of projects under development and a capacity under management of more than 100 MW of power generation solar.
Gaz Metro is the leading natural gas distribution company in Quebec, where it operates a network of over 10,000 kilometers of underground pipelines serving more than 300 municipalities and reaching more than 205,000 customers.
Gaz Metro, through its Vermont branch, Green Mountain Power, already has experience with the operation of its solar parks with a total capacity of approximately 30 MW in Vermont.
The acquisition is subject to regulatory approval – currently underway – and is expected to be completed in the coming weeks.