Residential solar installation using Solaria modules. Source: Solaria Corporation
US-based solar services platform operator Complete Solar Holding Corp and solar panels maker The Solaria Corp have completed their merger, creating Complete Solaria Inc, a full system operator with an expanded national presence and strong potential for organic growth.
Complete Solaria will offer end-to-end residential solar solutions, including financing, project fulfilment and service.
“This merger redefines residential solar with breakthrough technology, services, and operational excellence, to empower sales and installation partners to scale up and increase the adoption of residential solar,” Complete Solaria’s CEO Will Anderson said in a press release on Monday.
The enlarged business is also set to go public on the New York Stock Exchange (NYSE) through a merger with Freedom Acquisition I Corp (NYSE:FACT), a special purpose acquisition company (SPAC) led by the former Credit Suisse CEO Tidjane Thiam.
The blank-check merger, agreed separately by Complete Solar and Solaria in October, values Complete Solaria at USD 888 million (EUR 887.9m) in equity terms, or USD 553 million in enterprise terms.
The business combination is expected to fetch USD 376 million in gross proceeds, assuming no redemptions by public stockholders, which includes USD 346 million of cash held in Freedom’s trust account. It also includes financial backing from private equity firm Carlyle Group and American billionaire scientist and entrepreneur T.J. Rodgers, both investors in Solaria.