Canada's Envest acquires green energy provider Bullfrog Power
The Ellershouse Wind Farm in Nova Scotia, Canada. Source: Bullfrog Power Inc.
Canadian clean energy provider Envest Corp on Thursday announced the acquisition of compatriot Bullfrog Power in a move that will enable the green energy retailer to expand its sustainability offerings and grow its US business.
Bullfrog Power will become a wholly-owned subsidiary of Envest but will continue to operate under its brand name. The new owner intends to keep all of the acquired company’s management, it said.
Under the deal, Envest has taken possession of Bullfrog Power Inc, its US activities carried on through Bullfrog Solutions USA Inc and its subsidiaries. The business provides green energy, including renewable electricity, green fuel and green natural gas, through power purchase agreements (PPAs) or by matching its customers’ consumption with the purchase of renewable energy certificates (RECs).
"This strategic transaction will provide significant immediate benefits to both companies, enabling Bullfrog and Envest to achieve new goals and realize growth opportunities,” said Jason Moretto, president and CEO of Envest.
Canadian end-to-end electrical services provider Spark Power in October announced it was selling Bullfrog Power for up to CAD 35 million (USD 26m/EUR 24.7m), saying it intends to use the proceeds to reduce its debt and fund working capital needs.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.