US rooftop player Verengo 'for sale'
Verengo Solar, the third largest installer in the booming US residential PV market, has put up a ‘For Sale’ sign and hired Bank of America Merrill Lynch to act as its adviser, according to press reports.
Unlike many of its rivals, Verengo, which is based in Los Angeles and has more than 1,000 employees, focuses exclusively on the residential sector, eschewing the commercial & industrial market.
Privately held Verengo, which reported revenues of $116m on 25MW of deployment last year, trails only SolarCity and Vivint Solar in the highly fragmented residential PV market, according to GTM Research.
The US residential PV market added 792MW of capacity last year, giving Verengo a national market share of 3.2%. Aside from its home state of California, Verengo is present in New Jersey, New York, and – as of last month – Connecticut.
In another distinction from some of its key rivals, Verengo is not in the third-party ownership business, acting only as a sales and installation specialist.
Instead, the company works with rooftop PV financiers, like Sunrun – which itself recently took a major step towards vertical integration by buying REC Solar’s residential installation business.