Some Think SunEdison Is Planning To Buy Evolve Solar To Get Closer To The Residential Market
According to an article published on GreenTechMedia.com, sources informed the outlet that Sunedison Inc (NYSE: SUNE) could be planning to acquire Evolve Solar, America’s #1 full-service direct solar provider. To advance its footprint in residential solar, the rumor says Sunedison plans to spend up to $48 million on the company.
“Evolve Solar is a residential PV solar sales originator. In fact, Evolve is a nationwide certified SolarCity Corp (NASDAQ: SCTY) partner. Which would seem to make the union of SunEdison, SolarCity and Evolve a bit awkward -- but SolarCity's spokesperson suggested the loss of Evolve's direct sales would not be significant, noting, ‘We've reduced our use of resellers -- it’s become a higher-cost channel, and it’s more difficult to control quality,’” the article wrote.
The acquisition can be contextualized in a larger trend of installers and financers purchasing originators, as it follows SolarCity’s procurement of Paramount and Solar Universe’s purchase of Gen110.
Both Sunedison and Evolve Solar have yet to comment on the issue.
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