The addition of K12Solar will expand Tri Global’s renewable business beyond its nearly 6GW wind energy capacity..
Based in California, K12Solar provides energy efficiency assessments and positive cash-flow solar projects to non-profits and their communities through its proprietary financing vehicle that combines county/city funding via the Property Assessed Clean Energy (PACE) program.
The PACE is an initiative to fund energy efficiency and renewable energy improvements on private property and other sources of capital to deliver the lowest cost of solar.
K12Solar is the first to use PACE program and offers solar panels to its customers with no money down through a long-term contract to buy solar energy in a monthly bill over time. Customers pay monthly energy bills that are usually lower than what they would pay to their utility.
Tri Global Energy chairman and CEO John Billingsley said: "The acquisition reflects our commitment to fully develop a portfolio of renewable energy resources.
"K12Solar’s portfolio will add a growing, high-quality, long-term and contracted solar asset base to Tri Global Energy, strengthening our renewable power platform and reinforcing our commitment to clean energy.
"It is a logical next step in our expansion in renewable power."
As part of the acquisition, 20 employees from K12Solar will join Tri Global Energy.
Since its inception in 2014, K12Solar has completed more than 1,000 solar projects, ranging in size from multi-megawatt utility projects to local non-profit and residential rooftop systems.
Tri Global Energy has named its new business unit TGE Solar.
The company recently sold its 380MW wind energy project in the US state of Texas to Terna Energy for an undisclosed amount.
