Babcock & Wilcox Enterprises enters solar energy space with company acquisition
Babcock & Wilcox Enterprises announced it has signed a definitive agreement to acquire a majority stake in Illinois-based solar contractor Fosler Construction Company, significantly expanding its solar capabilities. The transaction is expected to close at the end of September 2021, subject to customary closing conditions.
Fosler Construction will be part of B&W’s Renewable segment and will continue to be led by CEO Paul Fosler, who will retain a minority stake in the company.
Fosler Construction provides commercial, industrial, and utility-scale solar services and owns two Illinois community solar projects being developed under the Illinois Solar for All program. Founded in 1998 and employing approximately 120 people, it recently ranked in the top 10% of Inc. 5000’s list of the fastest growing private companies in the country. The company has a track record of successfully completing unionized solar projects and aligning its model with a growing number of sustainable project incentives in the US. The company is positioned to capitalize on the fast-growing US solar market, with a near-term pipeline of more than 1 gigawatt of solar capacity.
“This transaction aligns with B&W’s aggressive growth and expansion of our clean and renewable energy businesses,” said Kenneth Young, B&W chairman and CEO. “Fosler Construction is an established leader in the commercial and utility solar industry, and we are excited about the many opportunities we see working together to take advantage of a North American solar market that is expected to expand in the coming years. five years.”
News item from Babcock & Wilcox Enterprises