Renewable

October 7 (Renewables Now) - US renewable, environmental and thermal energy technologies provider Babcock & Wilcox Enterprises Inc (NYSE:BW) has finalised the purchase of a 60% stake in solar energy contractor Fosler Construction Company Inc.

Following the deal, Illinois-based Fosler Construction will become part of the B&W Renewable segment and will operate under the name Fosler Solar, Babcock & Wilcox said on Tuesday. Financial details about the acquisition were kept under wraps.

Established in 1998, Fosler Construction provides commercial, industrial and utility-scale solar services and also owns two community solar projects in Illinois. The company employs about 120 people and has so far executed more than 100 photovoltaic (PV) projects in Illinois and has active projects in New York, Virginia and Maryland. Its near-term pipeline includes projects with a combined capacity exceeding 1 GW.

“We’re particularly excited about the key role Fosler Solar will play in the growth of B&W’s renewable energy business and the substantial opportunities we see in the market for solar installation and construction services in the US,” said Kenneth Young, CEO of Babcock & Wilcox.

Paul Fosler will continue to be at the helm of Fosler Solar and will keep a minority shareholding in the business.