PowerSecure buys solar business for $4M
Wake Forest-based PowerSecure International said Wednesday that it has acquired a large solar-generation business from Southern Energy Management for $4 million.
PowerSecure (Nasdaq: POWR) and Southern Energy, of Morrisville, said the acquisition involves the industrial and large commercial portion of Southern Energy’s business. About 50 Southern Energy workers go to PowerSecure in the deal.
Southern Energy representatives said proceeds from the acquisition will allow the company to reinvest in its “roots.” The company will continue to weatherize and build solar arrays for homes and small commercial customers, they said.
Southern Energy is North Carolina’s third-largest solar developer, as measured by planned total generation capacity, according to filings with the North Carolina Utilities Commission.
PowerSecure said it created a new subsidiary for the business, Southern Energy Management PowerSecure LLC, with Southern Energy retaining a 10 percent stake.
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