MD-based SunEdison acquires Sacramento solar energy company Team Energy Inc.

SunEdison acquires California solar energy company
Baltimore Business Journal - 10:12 AM EDT Friday
by Alan Zibel, Staff

from:
http://sanantonio.bizjournals.com/baltimore/stories/2006/08/07/daily33.html?t=printable


SunEdison LLC, a Baltimore company that finances and installs solar electric systems in commercial buildings, said Thursday it had acquired a California-based solar panel installer.

SunEdison, which recently closed an investment round of more than $26 million led by Goldman Sachs, said the acquisition of Sacramento-based Team Solar Inc. will make it the largest nationwide installer of solar systems for large electricity customers.

Team Solar will remain based in Sacramento. Terms of the deal were not disclosed. Jigar Shah, CEO of SunEdison, said in a statement that the acquisition will expand the company's capabilities in California, which he called "the most active solar market" thanks to generous state subsidies.

In December 2005, SunEdison merged with a Southern California firm, New Vision Technologies, that installs solar systems.

SunEdison was founded in 2003. The company has developed a financing model that helps large companies such as Whole Foods Market Inc. and Staples Inc. install rooftop solar panels without having to commit the upfront costs of installing such a system, which can be $500,000 or more.

SunEdison does so by rounding up investors to pay for the solar installation. The companies and government agencies that use the panels pay a fixed price for electricity for 10 to 20 years. They also get the public relations boost that comes with using green energy.

SunEdison's growth comes as venture capital firms pour money into numerous alternative energy startups. Market research firm Clean Edge Inc. predicts the worldwide market for solar power will grow from $11.2 billion last year to more than $51 billion by 2015.