REC Solar today announced it has acquired Stellar Energy through an asset purchase agreement. REC Solar will provide customers with integrated, turnkey solar solutions ranging from financing and design to operations and maintenance.
This agreement strengthens REC Solar by expanding its sales and operations capabilities to better meet the needs of the U.S. solar market. REC Solar will continue to focus on providing solar solutions exclusively to the commercial market, including the agricultural, manufacturing, retail, technology, nonprofit and government sectors.
"With nearly two decades of experience working with commercial customers, REC Solar has a unique understanding of how to tailor solar solutions to meet the needs of businesses," said Al Bucknam, CEO of REC Solar. "By enhancing this expertise with Stellar's team and streamlined customer financing through our partnership with Duke Energy, we're helping more customers go solar with no money down and immediate energy savings. Our goal is to provide a competitive advantage for our clients while they focus on their core business."
"We are excited about the breadth of resources REC Solar will bring our clients and our team," said Stellar Energy president, Ted Walsh. "By combining our complementary services and strong customer relationships, we now have the resources to serve our customers with a fully integrated offering."
REC Solar will retain most of Stellar Energy's personnel to ensure a seamless transition for Stellar's customers. Stellar Energy president Ted Walsh, who led the company's successful expansion, will join REC Solar as Vice President of Business Development.