Solea, OSP and Solar Provider form Joint Venture for Utility-Scale Solar EPC in the US and Canada
MUNICH, GERMANY and TORONTO, ONTARIO and SAN FRANCISCO, CALIFORNIA -- (Marketwire) -- 05/31/12 -- Solea AG (Solea), Ontario Solar Provider Inc. (OSP), and Solar Provider Group LLC (Solar Provider) have joined forces to form Solea SP Inc., a joint venture focused on utility-scale ground mounted solar farms in North America. The company is head-quartered in Toronto, Canada, with a satellite office in San Francisco, California. OSP and Solar Provider assume all responsibilities in sales, permitting and procurement while Solea will construct, finance, and bond all large-scale projects. With combined revenue of over $200m, and a track record of more than 250 MW of constructed and interconnected projects in multiple jurisdictions across three continents, the companies provide the necessary balance sheet and construction expertise for the JV to scale up quickly.
Georg Sterner, Solea's CFO, stressed that 'our focus is solar EPC, and bringing best practices from Germany combined with Solar Provider's understanding of the local markets, will enable us to execute projects in Ontario, California, and beyond.' OSP's President Sebastian Seyfarth adds that, 'teaming up with Solea, one of the largest solar EPC companies globally will further strengthen our position in cost-effective and on-time construction at a utility scale.'
The JV partners have executed multi-megawatt projects in the following jurisdictions: Colorado, Massachusetts, New Jersey, New York, Canada, Germany, Italy, Bulgaria, France and Spain.
The company's differentiated business model is providing a platform for significant growth in the young but attractive markets of the US and Canada. The JV has the capability to execute on large-scale projects with respect to both financial backing and bonding for large scale projects. Unlike traditional EPC firms, Solea SP is purely focused on solar, giving it a distinct advantage in terms of cost control and execution speed. Christian Wentzel, Solar Provider Group's President, commented that 'the combination of balance sheet strength, local development skills, and German engineering and construction expertise, provides clients a high-quality, affordable solution for large scale ground mounted EPC.'
Solea SP will announce further additions to the management team in the coming weeks and can be found at upcoming solar conferences and trade shows, such as Intersolar in San Francisco, CA and Solar Power International in Orlando, FL.
About Solea AG: Solea AG is one of Germany's largest solar EPCs with revenues in excess of EUR 100m, located in Plattling, Germany. Founded in 2004, Solea has executed and interconnected more than 200 MW globally.
About Ontario Solar Provider, Inc.: OSP is a fully integrated solar EPC and subcontractor, located in Toronto, Canada. Founded in 2009, OSP has executed over 20 projects under the Ontario FIT program in less than a year.
About Solar Provider Group LLC: Solar Provider is a solar EPC and developer, located in San Francisco, CA and Los Angeles, CA. Founded in 2010, Solar Provider has formed a management team with prior successes in the US market and has executed on more than a dozen projects across Massachusetts, New Jersey, Colorado and New York.
1 Atlantic Avenue, Suite 105