US renewable, environmental and thermal energy technologies provider Babcock & Wilcox Enterprises Inc (NYSE:BW) has agreed to buy 60% of solar energy contractor Fosler Construction Company Inc and thus get access to its over 1-GW project pipeline.
Established in 1998, Illinois-based Fosler Construction provides commercial, industrial and utility-scale solar services and also owns two community solar projects in Illinois. The company has so far executed more than 100 photovoltaic (PV) projects in Illinois and has active projects in New York, Virginia and Maryland. Currently, it employs about 120 people.
Following Babcock & Wilcox’s acquisition, Fosler Construction will become part of its renewable unit. CEO Paul Fosler will continue to be at the helm of the company and keep a minority shareholding.
“This transaction aligns with B&W’s aggressive growth and expansion of our clean and renewable energy businesses,” said Kenneth Young, chairman and CEO of Babcock & Wilcox. He added that the move will allow it to capitalise on the opportunities on the solar market in North America, which is expected to expand at a high growth rate in the next five years, and provide synergies to the target company.
The deal is subject to customary closing conditions and is seen to be completed at the end of this month.
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