September 24 (Renewables Now) - US solar project developer 174 Power Global, a fully-owned unit of South Korea's Hanwha Group, has taken over New York City-based commercial solar developer OnForce Solar.
The acquisition will further improve 174 Power Global’s foothold in the retail energy and commercial and industrial (C&I) project development markets. The acquired business currently serves New York and New Jersey.
Henry Yun, president of 174 Power Global, commented that the Northeast market is a key geography in the company’s growth strategy. For this reason, the company plans to scale the business across that region, but also to expand to other parts of the US.
“This transaction with 174 Power Global provides additional resources, infrastructure and capital that will enable us to expand our footprint and accelerate our Commercial Industrial and Community Solar operations,” in turn said Charles Feit, founder of OnForce Solar.