Omers Infrastructure, global renewable energy holdings firm, announced this Tuesday it signed an agreement with a fund managed by Ares Management to acquire a 100% interest in Navisun LLC. This is an independent distributed generation solar developer.
Firstly, Navisun acquires, co-develops, constructs, finances, owns, and operates distributed and small utility-scale solar and storage projects throughout the United States. Since its inception in 2017, it has targeted and developed projects ranging from 1-megawatt to 30 MW.
Indeed, the company is one of the most competitive of its kind. It has deep expertise in the whole value chain of solar energy; from development, engineering, construction, finance, operations, and asset management.
Moreover, after the acquisition, Navisun will turn into a major distrusted generation solar and storage platform. It will be able to work on projects on a grander scale and pursue other opportunities in the market.
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OMERS Infrastructure expands distributed generation capabilities after acquisition
About the matter, Tom Frazier, Managing Director, Americas, of OMERS Infrastructure, said. “We are excited at this opportunity to help Navisun realize its objectives of growing into a major distributed generation solar power and storage platform. We are excited about this investment and look forward to working with founders John Malloy and Doug Johnsen and the rest of the management team to continue to scale its business.”
At the same time, John Malloy, Navisun’s co-founder and Managing Partner commented. “The powerful combination of OMERS as an investor with Navisun’s capabilities and track record in distributed generation positions us to deliver on a wider array of opportunities to increase Americans’ access to clean, renewable solar power.”
He also remarked. “Our shared goal is to significantly expand Navisun’s position as a leading solar and storage independent power producer. OMERS’ long-term backing further strengthens the execution certainty for which Navisun is proudly known.”
Finally, the companies won’t disclose any financial information about the acquisition, according to the statement. However, the transaction will close during the first quarter of 2022 as it is still subject to regulatory approvals.
