January 26 (Renewables Now) - American media mogul Ted Turner’s renewables business and some related investors have bought a significant minority stake in US solar power plant developer MERIT SI LLC, the latter announced on Thursday.
The partnership with Turner Renewable Energy LLC brings in capital to step up growth, along with project finance expertise and access to a global network of strategic relationships, said Tom Kuster, CEO of MERIT SI.
MERIT SI develops and manages solar photovoltaic (PV) and energy storage programmes for industrial operators. The company also has expertise in power plant optimisation controls. It has sales offices in Austin and Houston, Texas, as well as an engineering office in Central New Jersey.
The announcement did not reveal the exact size of the stake acquired by Turner Renewable Energy or the amount it invested in exchange.