Swell Energy, an energy management and grid solutions provider, acquired Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination brings together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of Virtual Power Plants (VPPs) in key energy markets.
Renu Energy Solutions is a solar energy systems installer operating across the Southeast, specializing in turn-key solar solutions for residential and commercial properties. According to the company, it serves North Carolina, South Carolina, and Georgia and has completed over 5,000 solar energy installations in the Southeast.
The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists, which serves both Renu and non-Renu customers, ensuring the performance, longevity, and safety of many distributed energy resources (DERs) across the East Coast.
Renu will act as a regional center for Swell’s partner program, which gives other solar companies access to resources, tools, products, and services that help them get customers, manage supply, use software, finance projects, and grid services offerings. They can also join Swell in developing VPPs.
“With the growing demand for renewable energy in the region, this transaction marks a pivotal milestone for both companies in furthering our shared mission to enable retail customers and utilities to collaboratively benefit from DERs,” said Suleman Khan, CEO of Swell. “With Renu’s market leadership, there is an opportunity for us to work with interested utilities from the outset. Together, we are exploring how virtual power plants can enhance local grid needs and bring cost savings, greater resiliency, and climate benefits to the communities we now collectively serve.”
According to Mercom’s Q4 and Annual Funding and M&A report, M&A activity declined 25% YoY with 96 corporate M&A transactions in 2023 compared to 128 in 2022.
