Sun Edison Acquires Team Solar, Inc.

August 13, 2006 by Jeff Shepard

SunEdison announced that it has acquired Team Solar, Inc., a California-based installer of photovoltaic (PV) solar electric systems. Combined with SunEdison's operations in all other active solar markets – HI, CO, CT, NJ, and NV – SunEdison claims that this transaction makes it the nation's largest commercial PV contractor, underscoring the company's commitment to simplifying solar for large-scale electricity consumers. The addition of Team Solar's 11MW of experience brings SunEdison's cumulative portfolio of installations to more than 24 MW, which the company claims is the largest of its kind in the US.

Team Solar will continue to operate from its offices in Sacramento, covering all projects in the region. "We are excited to leverage our strong installation experience with SunEdison's turn-key project management and financing capabilities and to have the opportunity to work on SunEdison's impressive project pipeline," said Rick Lavezzo, CEO of Team Solar.

Jigar Shah, CEO of SunEdison, said, "This acquisition positions SunEdison as the largest provider of solar electric products and services in the country, with concentrated capabilities in California which, due to the recent California Solar Initiative, is currently the most active solar market. Team Solar's excellent reputation in Northern California makes it a perfect partner for SunEdison – its well-established operational capabilities and installation experience will further enable SunEdison to provide competitively priced solar energy at or below local utility rates."