Soligent and Conergy, two recognized leaders in the solar market around the world, are pleased to announce that they have entered into a definitive agreement under which Soligent is acquiring the U.S. solar distribution division of Conergy.
With this acquisition, Soligent Distribution, the industry leader in solar distribution in the Americas, will serve almost 5,000 solar installers, energy efficiency firms, electrical contractors and roofing companies in the United States and over 40 additional countries. Soligent will have estimated annual revenue in the hundreds of millions of dollars, and be better positioned to serve its customers in emerging American solar markets.
The transaction is the latest step in Soligent’s strategy to dramatically expand the solar market by making independent and regional solar dealers more competitive. The company is developing new financing programs, cloud-based applications, logistics and installation services, and other products and services that effectively provide local dealers with the same capabilities as nationally-based installers and also give them the opportunity to cut soft costs and streamline operations. By collaborating with Soligent, solar dealers can grow their businesses and reduce their overhead.
Soligent’s Solar Engine program will also grow as a result of this combination, adding new installer partners and over 150 projects around the U.S. By adopting Solar Engine, customers can increase their profitability by an estimated 10% on average while substantially reducing the time-to-completion for residential and commercial solar projects.
Conergy will continue to sharpen its focus in the U.S. on project development, financing, construction and operations. With over 650MWp of solar development experience around the world, Conergy is one of the only downstream solar companies without manufacturing ties. Conergy currently maintains a global presence with offices in the U.S., Canada, Germany, United Kingdom, Italy, Singapore, Australia and Japan.
“Conergy sees great opportunity at a time in the Americas where utility-scale and distributed generation continues to grow across all markets. Throughout North America, Conergy has been able to partner with developers and building owners due to our strong balance sheet and project financing relationships,” states Anthony Fotopoulos, Americas CEO of Conergy. “With our additional resources, we can sharpen our focus and maintain our growth into additional markets in Central and South America to procure and develop new pipeline.”
“We envision a world where solar isn’t just the cleanest choice for power, it is the obvious choice,” said Jonathan Doochin, CEO of Soligent. “We see this as an additional opportunity to give our current and future dealers — of any size or in any location — the tools they need to make a difference in the lives of people everywhere.” Mark Laabs, COO of Soligent, added that “by adding the U.S. distribution unit of Conergy, Soligent will be a stronger partner for our dealers, manufacturers, and, ultimately, for the millions of Americans installing solar on their homes.”
The solar industry is at a historical inflection point. According to SEIA, 2.5 GW of residential, commercial and utility-scale solar capacity were added in the first half of 2014 and 6 GW are predicted by the end of the year. This is a 26% increase over the record established in 2013. Meanwhile, the costs of solar systems have dropped by approximately 50% since 2010.