Jul 8, 2014 - Australian renewable energy firm CBD Energy Ltd (NASDAQ:CBDE) said Monday it has finalised the acquisition of US firm Green Earth Developers LLC (GED), seeking to speed up its expansion on the US commercial solar market.
The buyer did not reveal the price of the deal but said that it paid in cash plus CBD restricted shares, making GED its wholly-owned subsidiary.
The acquisition is another step of the company's accelerated expansion in the country. It entered the US market with residential solar installations in May, an offering on the Nasdaq in June and a subsequent delisting from the Australian market. Apart from the USA, CBD is active in Australia and the UK.
GED's focus on large commercial and utility-scale installations will complement CBD's US scope and enlarge its footprint. The North Carolina-based company has installed more than 11.5-MW in 2013 and has a project pipeline of over 50 MW, CBD noted.
The US market has attracted the Australian company with its greater financial and growth opportunities. The country's "understands renewables very well", executive chairman Gerry McGowan told Bloomberg in June after CBD started trading on the Nasdaq.
Earlier, CBD tried to gain a US foothold through a merger with module maker Westinghouse Solar, but the attempt failed. Before that, CBD had lisensed to market its residential and commercial solar installations under the Westinghouse Solar trademark worldwide, taking advantage of a household name although Westinghouse Solar is not owned by Westinghouse Inc.
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