Hover Energy, a provider of on-site power solutions, has announced the acquisition of Shine Development Partners, a solar energy solutions company, to expand its reach to commercial and industrial (C&I) customers and bring its solar capabilities in-house.
Shine focuses on developing, financing, and asset management of medium to large-scale commercial solar, energy storage, distributed wind, and clean technology projects. The company provides C&I consumers worldwide with the technology, experience, and operations support they need to increase energy security, lower power costs and achieve net zero.
The acquisition comes at a time when Hover Energy is expanding its production and globally rolling out its patented Wind-Powered Microgrid.
“This acquisition positions us to not only manage that growth better but also to thrive in our development of Microgrids worldwide. The assets in this transaction currently under development, and the personnel of Shine that have now become Hover, bring the depth of value and expertise that truly set Hover at the “head of the class” in Microgrid design, development, and deployment,” commented Hover CEO Chris Griffin.
The Hover Wind-Powered Microgrid features a combination of wind and solar energy generation and storage if needed. The centerpiece of the microgrid is Hover’s patented wind turbine, which is installed as an array on the windward edge of a building’s roof. The aerodynamic design uses the building as a sail and delivers commercial-scale power. Hover has designed the entire system with an open architecture to accept any and all products from any source. The energy captured by all sources is directed to Hover’s Integrated Energy Management System, where the energy is combined, cleaned, and converted into three-phase AC power directly linked to the building management system.
Shine has developed and executed over 100 solar projects across ten states and internationally since 2013, including 50 MW of projects currently under contract for future deployment.
“Hover brings a truly unique solution to the global energy marketplace. Shine’s extensive experience with the integration and structuring of renewable energy projects is a natural fit for Hover as the company migrates from R&D product development to commercialization at scale”, said Shine’s CEO, now Hover’s COO, Rajiv Pandya.
According to Mercom’s recently published 9M and Q3 Solar Funding and M&A Report, in 9M 2022, There were 90 solar M&A transactions compared to 83 transactions in 9M 2021.