SinglePoint to take control of PV installer Boston Solar

SinglePoint Inc (OTCQB:SING) has agreed to acquire 80.1% of Boston Solar, a solar-focused engineering, procurement and construction (EPC) company operating in New England, as part of a strategy to focus on residential, small commercial and light industrial solar services.

The deal will give the buyer small and medium commercial installation capabilities, with the largest being a 1-MW project.

Boston Solar, which operates mainly in Massachusetts, has installed more than 4,500 residential and commercial solar arrays since its inception in 2011. The company books average annual revenue of USD 15 million (EUR 13.3m) and has over USD 75 million worth of installed projects since 2016. In 2022, Boston Solar expects revenue to exceed USD 25 million.

The agreement is the result of substantive negotiations between the parties that have taken place since the first half of 2021.

"This is the first of many acquisitions to come in the space, with the near-term goal of providing a best-in-class national solutions for customers looking for renewable energy and storage solutions," SingePoint CEO Wil Ralston said.

Las Vegas, Nevada-based SinglePoint is focused on building a single hub for customers to access solar system installation or energy storage services.

(USD 1 = EUR 0.884)

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