Middletown solar company sold
New Haven Register | Luther Turmelle
December 19, 2017
MIDDLETOWN — Solar energy company Greenskies Renewable Energy has been purchased by California-based Clean Focus Yield Limited, officials with the two companies said Tuesday.
Financial terms of the deal were not released. With the acquisition of Middletown-based Greenskies, Clean Focus becomes the owner and operator of the largest commercial and industrial solar portfolio in the United States, according to officials with the Sunnyvale, Cal. company said.
Greenskies will keep its name, remain in Middletown and will retain all 60 of its employees, said Stephen Jewett, a spokesman for the company. In fact, Jewett said Greenskies likely will hire additional employees as a result of the deal.
“The plan is to get bigger,” Jewett said. “This is an investment designed to expand Greenskies’ footprint, both nationally and internationally.”
Clean Focus has done work on a variety of large-scale solar projects in New Engalnd and the New York metropolitan area. The projects include a 4.8-megawatt rooftop installation at Jersey Gardens Mall in Elizabeth, New Jersey, a 22-megawatt solar project on landfills on Cape Cod and Martha’s Vineyard and an 834-kilowatt array on top of carports at YMCA in central New Jersey.
“This acquisition strengthens Greenskies, grows Clean Focus, and provides new opportunities for our customers and financing partners,” said Stanley Chin, president and chief executive officer of the California firm. “We look forward to accelerated growth across a wide breadth of markets.”
Greenskies’ customer base includes large corporate and retail clients, government entities and utilities. The company has Fortune 50 national big-box retailers among its clients.
Greenskies intends to build out its project pipeline of 350 megawatts and expand into new segments including schools, hospitals and community solar.
Will Herchel, president of Greenskies, said the deal is “the next big step for Greenskies.”
“We have seen explosive growth over the last five years, and this infusion of capital adds jet fuel to our business engine,” Herchel said. “With the support of Clean Focus, Greenskies will accelerate its growth, and it is better prepared to weather potential headwinds in the solar market.”