Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, and construction (EPC) and operations & maintenance (O&M) company, acquired Crossover Energy Partners, a clean energy solutions company. The financial terms of the deals were not disclosed. Strata is purchasing 100% of Crossover’s assets and interest in its development platform.
“Strata’s acquisition of Crossover bolsters our ability to bring high-value energy solutions to our clients across several market segments and geographies,” said Joshua Rogol, Chief Development Officer for Strata. “The Crossover team has a well-defined track record of innovative product development and financing of differentiated power offtake structures. The combination of our platforms will be valuable to Strata as we grow our development pipeline to over 15GWs this year.”
“Crossover’s track record illustrates the importance of product design and offtake origination to maximize value for renewable projects. Combining our team with the expert development capabilities at Strata will be a win-win and an evolution that our entire team is looking forward to,” said Tiago Sabino Dias, CEO of Crossover.
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.
In other deals, AMPYR Solar Europe – a solar project developer and independent power producer – acquired SolarEnergyWork’s solar business in the Netherlands. The acquisition includes an asset pipeline of 100 MW ready-to-build and 650 MW under-development assets. Following this acquisition, AMPYR Solar Europe will have a development pipeline of Solar PV assets of over 1 GW in the Netherlands and an aggregate development pipeline of 6 GW, including Germany and the UK.
Pineapple Energy, a provider of sustainable solar energy, recently announced the acquisition of SUNation Energy, a New York-based installer of solar and battery energy storage systems. The financial terms of the deal were not disclosed. SUNation generated $48 million in revenue in the past 12 months, which ended on September 30.