Solar Frontier has entered into a definitive agreement to acquire a 280 MW solar power project pipeline in the U.S. from Gestamp Solar. As part of the transaction, the development team leading Gestamp Solar’s U.S. operations will join Solar Frontier’s U.S. subsidiary, Solar Frontier Americas.
Solar Frontier has already established itself as a project developer in Japan, where it sells completed solar power plants to investors. Solar Frontier is now bringing these broader market solutions to the U.S. through this transaction, providing it with a catalyst to scale business in the Americas.
Atsuhiko Hirano, CEO of Solar Frontier, commented, “The U.S. downstream expansion is part of Solar Frontier’s growth strategy to accelerate our business in key global markets through 2015 and beyond. The company has achieved world-class production costs and delivered exceptional product performance in Japan, a country recognized globally for demanding the highest quality in solar. We plan to bring that same quality and performance to our fully integrated business in the U.S. and the Americas.”
Gestamp Solar is a global solar development company with projects in Spain, Italy, France, South Africa, Mexico, Japan, Peru, Chile and the U.S. Gestamp Solar is backed by a $13B, multinational, industrial holding group, Corporacion Gestamp. Gestamp Solar has developed more than 600 MW worldwide and, most recently, commissioned projects that include 30 MW in South Africa and 40 MW in Peru. Solar Frontier’s acquisition would enable the pipeline to be successfully completed in the U.S., said Jorge Barredo Lopez, CEO of Gestamp Solar.
Charles Pimentel, COO of Solar Frontier Americas, said, “This transaction will not only establish Solar Frontier’s position in the globe, but also will strengthen our presence in the Americas for future relationships with our partners, suppliers, and end customers.”
Solar Frontier has supplied nearly 3 GW of CIS modules to commercial and utility-scale clients around the world. This includes an 82.5 MW solar power plant in California, the largest CIS installation worldwide. Solar Frontier’s development operations in the U.S. will be based in San Francisco, California.
