Soligent, solar distribution company has sold its commercial energy provider, Stellar Energy, to REC Solar through an asset purchase agreement. Duke Energy, the nation’s largest electric utility, recently acquired a majority interest in REC Solar, a national fully integrated solar solutions provider focused exclusively on commercial businesses.
Stellar Energy has expanded rapidly since 2013, growing over 100% year over year. In 2013, Stellar took steps to significantly increase its growth by refining its sales strategy and streamlining operations. As a result, Stellar will bring 60 Megawatts from 62 solar projects completed or in process to the REC Solar portfolio, as well as maintenance contracts for an additional 28 Megawatts across 32 projects. The bulk of the Stellar team and its sales pipeline will also transition to REC Solar.
“By joining with REC Solar, the Stellar team is in a position to build on their great progress over the last two years and to bring solar to more customers than ever before,” stated Mark Laabs, Soligent’s COO.
With the proceeds of the sale, Soligent will further invest in its comprehensive suite of value-added solar services and equipment procurement, which it provides to nearly 5,000 solar installers, energy efficiency firms, electrical contractors and roofing companies across the Americas. Soligent is developing a turnkey software platform to function alongside its solar financing and premium equipment, ensuring that installers have the tools they need to bring solar to every roof in America.
“This sale gives Soligent additional resources to achieve its goal of transforming the distribution space through best-in-class software, financing, and equipment for its solar partners. With this additional investment in Soligent’s distribution business, we will continue to rapidly expand our footprint and offering as we change the way solar is installed in the U.S,” says Jonathan Doochin, CEO of Soligent.
