CBD buys Green Earth Developers
The US unit of Australia’s CBD Energy Limited has acquired Green Earth Developers (GED) in a move aimed at accelerating its expansion in the larger commercial- and utility-scale solar project segment of the American market.
While CBD, which operates as Westinghouse Solar in the US, did not reveal a purchase price, it did say more than 50% of the deal was financed with restricted shares of CBD common stock and the balance in cash.
CBD executive chairman Gerry McGowan says that GED has a project pipeline exceeding 50MW after installing more than 11.5MW in projects last year.
“Both the CBD and the GED executive teams believe that by working together we can finalize contracts for a significant portion of these and other opportunities, and further grow our share of the US commercial market in the coming year,” he says.
McGowan believes the deal will also help CBD to expand in the residential US solar market.
GED has been active in the California, Colorado,Massachusetts and New Mexico solar markets. It is based in Charlotte, North Carolina.
Chief executive Don Reed says GED’s growth has been constrained by lack of capital, which will no longer be a problem.
Headquartered in Sydney, CBD is focused on its home market, the US and UK. It also develops small utility-scale wind projects.