EDF RE purchases groSolar to bolster corporate market penetration

Written By: Stratton Report
April 25, 2016

EDF

On April 25, EDF Renewable Energy announced it bought Global Resource Options, Inc.doing business as groSolar, a provider of development and turnkey engineering, procurement, and construction for solar photovoltaic projects.

The acquisition brings to EDF RE an autonomous business unit with a precise focus on distributed generation solar business to meet the growing demands of corporate customers seeking cost-effective renewable energy sources.

According to EDF, since its founding in 1998 groSolar has designed, built, procured equipment and installed more than 150 MW across 2,000 installations of solar PV.

Tristan Grimbert, CEO and President of EDF RE noted:

“We are very pleased to welcome groSolar to the EDF RE family. The company brings to EDF RE the ability to offer competitively priced distributed generation solar solutions to the growing Municipal, University, School and Hospital (MUSH), corporate, and utility customer base. The addition of an established and successful distributed generation business line contributes to our long-term growth plan to diversify the customer base and augments a comprehensive range of energy services that the EDF group offers to its customers worldwide.”

Jamie Resor, CEO of groSolar remarked: ”groSolar benefits from the ability to leverage EDF RE’s deep technical resources and project development experience while remaining an independent subsidiary. We worked collaboratively during the due diligence process to ensure that our respective cultures and customer oriented focus would fully align. And today we look forward with confidence to accelerate our reach in the expanding distributed generation solar market as part of EDF RE.”

Marathon Capital served as exclusive financial advisor to groSolar