Solar Spectrum, Horizon Solar Power close Sungevity-branded merger

Solar Spectrum announced on Tuesday it has concluded a merger with fellow residential and commercial solar systems installer Horizon Solar Power, which is based in Temecula, California.

The combination, which was orchestrated by Solar Spectrum's shareholders led by private equity firm Northern Pacific Group, creates the second largest provider of residential solar systems in California and the fourth largest in the whole country, according to a press release.

Solar Spectrum will be operated going forward under its Sungevity brand, the statement says. A Northern Pacific Group-led consortium, represented by Solar Spectrum, acquired in April certain assets of US rooftop solar installer Sungevity Inc as part of a bankruptcy court-approved sale. The transaction concerned Sungevity’s infrastructure, technology, installer network, supplier warranties and certain agreements, plus its European operations.

The now-expanded business will be led by Frank Kneller, the former CEO of Horizon Solar Power. A new leadership team will be established.

"The management team, led by Frank Kneller, will be capable of both growing the business organically as well as pursuing additional strategic combination opportunities," said Scott Honour, managing partner of Northern Pacific Group.

Following the combination, Solar Spectrum lists as shareholders Northern Pacific Group, International, Hercules Capital, DGB Investments, Bindley Capital and the management teams of the two merger partners.

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