Babcock & Wilcox to Aquire Bulk Risk in United States Solar Company

Sep 16, 2021 11:12 AM ET
  • Babcock & Wilcox Enterprises has actually authorized a definitive arrangement to obtain a majority ownership stake in Illinois-based solar power professional Fosler Construction Business, aiming to significantly enhance its abilities in solar energy.

The purchase is anticipated to shut at the end of September 2021, based on normal closing problems.

Fosler Construction will be part of Babcock & Wilcox's Sustainable segment and also will continue to be led by its Chief Executive Officer Paul Fosler, who will certainly retain a minority ownership in the business.

Fosler Construction provides industrial, commercial and utility-scale solar solutions and possesses two neighborhood solar projects in Illinois being established under the Illinois Solar for All program.

" This deal straightens with B&W's aggressive growth and also growth of our clean and also renewable energy services," said Kenneth Young, B&W Chairman as well as Chief Executive Officer. "Fosler Construction is a well-known leader in the business as well as utility solar company, and also we're thrilled regarding the many opportunities we see to collaborate to profit from a North American solar market that is expected to have a high price of growth over the following 5 years."

" B&W's strong presence in the energy industry will provide the synergies and also scale to support Fosler Construction's growth, consisting of sales and also operational assistance, and also the sources of a bigger parent firm. Fosler Construction's competence in the expanding solar market, combined with B&W's access to its existing client relationships and also sources to support bigger projects, will permit us to boldy seek our ongoing renewable energy growth as well as diversity. We're thrilled to welcome the Fosler Construction workers to the B&W household," Young said.

Fosler Construction Chief Executive Officer Paul Fosler stated, "Fosler Construction has more than 20 years of construction experience and also a dedication to sustaining the development of clean energy in the UNITED STATE We boast of the work we've done as well as the terrific group of workers at Fosler who will remain to be a critical part of our success going forward. Our team believe this deal will help propel our growth to benefit from the considerable solar setup pipeline we have on the near-term perspective, as well as we're thrilled to join with B&W, which has more than 150 years of experience in power and also ecological technologies as well as a solid, highly seasoned leadership team."

Solar Installers, Manufacturers