M+W Americas (M+W), a company of M+W Group, acquired 100% ownership of Gehrlicher Solar America Corporation (GSAC). Since its founding in 2009, GSAC has demonstrated a successful business model for delivering world‐class photovoltaic (PV) power plant installations for private, commercial and utility applications. GSAC will operate as a stand-alone subsidiary of M+W Americas.
Headquartered in Springfield, NJ, with branch offices in Boston, MA, Tempe, AZ, and Mexico City, GSAC currently employs 52 staff focused on their strategy to provide the complete PV downstream value chain from Project Development through Engineering, Procurement and Construction (EPC), and finally Operations and Maintenance (O&M) for commercial and utility scale projects. GSAC services a portfolio of projects and customers both on the East and West Coast of the US as well as a developing base of projects in Mexico, the Caribbean and Puerto Rico. Being currently one of the fastest growing EPC Solar companies in the US, Gehrlicher Solar America Corporation had sales of approximately USD 73million in 2012 and will probably exceed USD 150million in 2013.
The acquisition provides M+W with a proven capability in the engineering, procurement, construction, operations and management of solar power plant facilities in the 1 to 15 MW range. GSAC’s core competencies span the market from ‘big box’ rooftop installations, net metered distributed generation, to medium scale ground installations up to utility grade power plants exceeding 10MW. Combined with M+W’s competencies in engineering and construction of PV manufacturing facilities, utility infrastructure and large scale power plants, the addition of GSAC provides a complete spectrum of services for customers seeking bankable surety and highly efficient renewable energy solutions for their power needs.
Concurrent with the acquisition of GSAC, M+W is pleased to announce that Mr. Jerry Shinn will assume the duties of President of GSAC. Previously, in his role as COO, Jerry has been instrumental in developing the strong execution team that has made GSAC successful in North America. Jerry will take responsibility for GSAC to leverage M+W’s financial strength and a combination of its technical competencies in all major PV technologies, and focus on becoming the largest independent PV EPC provider in North America.
“This acquisition represents a further step toward extending M+W Group’s global competence in this market, so that we can provide our customers with comprehensive PV Power Plant solutions in Europe, Asia, and now additonally in America,” said M+W Group CEO Jürgen Wild.
“The renewable market is seeking companies that will take responsibility for project execution from inception through design, permitting, procurement, installation and eventually, operation. The combined capabilities of M+W and GSAC will provide that ‘one-stop-shop’ for our clients.” added Rick Whitney, M+W Americas’ President & CEO.
“GSAC demonstrated market leading capabilities combined with M+W’s one hundred year history delivering excellence will significantly increase our united value to customers in reaching their project goals.”, commented Jerry Shinn, President of Gehrlicher Solar America Corporation.
"We are more than pleased that we have succeeded, together with the mandated M&A consultants in Germany and the United States, in gaining a strong partner for Gehrlicher Solar’s US subsidiary in such a short time”, said the preliminary administrator Oliver Schartl of the Munich law firm Müller-Heydenreich Beutler & Kollegen. Also Dr. Stefan Parhofer, Member of the Board of Gehrlicher Solar AG, is convinced that “this is the best outcome, both for our customers and our employees”.
Solar PV |
News published on 22 / 08 / 2013 by Bharat Vasandani