Solea, Solar Provider, OSP Join Forces to Focus on Utility-Scale EPC
Solea AG, Ontario Solar Provider Inc. and Solar Provider Group LLC have joined forces to form Solea SP Inc., a joint venture focused on utility-scale ground mounted solar farms in North America. The company is head-quartered in Toronto, Canada, with a satellite office in San Francisco. OSP and Solar Provider assume all responsibilities in sales, permitting and procurement while Solea will construct, finance and bond all large-scale projects. With combined revenue of more than $200 million, and a track record of more than 250 MW of constructed and interconnected projects in multiple jurisdictions across three continents, the companies provide the necessary balance sheet and construction expertise for the JV to scale up quickly.
Georg Sterner, Solea’s CFO, stressed that “our focus is solar EPC, and bringing best practices from Germany combined with Solar Provider’s understanding of the local markets, will enable us to execute projects in Ontario, California, and beyond.” OSP’s President Sebastian Seyfarth adds that, “teaming up with Solea, one of the largest solar EPC companies globally will further strengthen our position in cost-effective and on-time construction at a utility scale.”
The JV partners have executed multi-megawatt projects in the following jurisdictions: Colorado, Massachusetts, New Jersey, New York, Canada, Germany, Italy, Bulgaria, France and Spain.
The company’s differentiated business model is providing a platform for significant growth in the young but attractive markets of the US and Canada. The JV has the capability to execute on large-scale projects with respect to both financial backing and bonding for large scale projects. Unlike traditional EPC firms, Solea SP is purely focused on solar, giving it a distinct advantage in terms of cost control and execution speed. Christian Wentzel, Solar Provider Group’s President, commented that “the combination of balance sheet strength, local development skills, and German engineering and construction expertise, provides clients a high-quality, affordable solution for large scale ground mounted EPC.”
Solea SP will announce further additions to the management team in the coming weeks and can be found at upcoming solar conferences and trade shows, such as Intersolar in San Francisco, CA and Solar Power International in Orlando, FL.
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