Vermont Business Magazine Gaz Metro, the Quebec-based parent company of Vermont Gas Systems and Green Mountain Power, is expanding further into the renewable energy market with the acquisition of a Maryland-based solar firm. Valener Inc. (TSX: VNR)(TSX: VNR.PR.A) announced Tuesday that Gaz Metro Limited Partnership, its main investment, has acquired, through a subsidiary, Standard Solar, Inc., a leading solar energy firm specializing in the development, installation and financing of commercial solar electric systems across the United States. This strategic deal not only expands Gaz Metro's presence and expertise in the rapidly growing US solar energy industry, the firm said in a statement, but also opens the door to a promising approach of combining solar energy with other energy sources such as natural gas in the US.
Based in Rockville, Maryland, Standard Solar is a commercial, industrial and institutional solar developer, engineering, procurement and construction management, as well as operations and maintenance services provider operating in multiple states in the US and currently has a portfolio of construction-ready projects for a total of nearly 80 MW, a significant development pipeline and over 100 MW of solar generation capacity under management services.
"Gaz Metro is positioning itself to take full advantage of the projected growth in the solar energy industry, one of the fastest growing sectors in the US. What's more, this acquisition reflects Gaz Metro's willingness to increase its presence in the renewable energy segment while growing its current business operations," said Sophie Brochu, President and Chief Executive Officer of Gaz Metro. "Standard Solar is a dynamic and experienced player in a growing industry led by a seasoned and highly competent management team with a sterling reputation and outstanding track record."
"Solar energy is a thriving industry in the US, and this acquisition comes at a perfect time for Gaz Metro," Brochu said. "With Standard Solar's expertise and existing platforms, as well as our company's long-term growth strategy, we are poised for success in the US."
Through the agreement, Gaz Metro indirectly acquires 100% of Standard Solar's shares. The transaction is pending a regulatory approval and is expected to close in the coming weeks.
Valener Inc. is a widely held public company that serves as the investment vehicle in Gaz Metro. Through its investment in Gaz Metro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Metro's growth, and on the other, invests in wind power production in Quebec alongside Gaz Metro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com
About Gaz Metro
With more than $7 billion in assets, Gaz Metro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and over 205,000 customers. Gaz Metro is also present in Vermont, producing and transporting electricity and distributing electricity and natural gas to meet the needs of more than 315,000 customers. Gaz Metro is actively involved in the development and operation of innovative, promising energy projects, including natural gas as fuel and liquefied natural gas as a replacement to higher emission-producing energies, the production of wind and solar power, and the development of biomethane. Gaz Metro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its Partners (Gaz Metro inc. and Valener) and em ployees. www.gazmetro.com
MONTREAL, QUEBEC--(Marketwired - March 07, 2017) - Valener Inc.