Babcock & Wilcox purchases 60% of solar EPC service provider Fosler
- United States renewable, ecological and thermal energy modern technologies carrier Babcock & Wilcox Enterprises Inc (NYSE: BW) has finalised the purchase of a 60% risk in solar energy service provider Fosler Construction Company Inc
Complying with the deal, Illinois-based Fosler Construction will enter into the B&W Renewable section as well as will certainly operate under the name Fosler Solar, Babcock & Wilcox stated on Tuesday. Financial details concerning the acquisition were kept under covers.
Developed in 1998, Fosler Construction provides business, commercial and also utility-scale solar solutions as well as also has two area solar projects in Illinois. The company uses about 120 individuals and has so far executed greater than 100 photovoltaic (PV) projects in Illinois and has active projects in New York, Virginia and also Maryland. Its near-term pipe includes projects with an incorporated ability surpassing 1 GW.
"We're particularly thrilled about the crucial role Fosler Solar will play in the growth of B&W's renewable resource business as well as the considerable possibilities we see in the market for solar installment and also construction services in the United States," said Kenneth Young, CEO of Babcock & Wilcox.
Paul Fosler will remain to be at the helm of Fosler Solar and also will certainly maintain a minority shareholding in business.
