Clean Focus Yield and its affiliates, an integrated group of renewable-energy companies have acquired Greenskies Renewable Energy and its affiliates for an undisclosed price.
With this acquisition Clean Focus becomes the owner and operator of the largest commercial and industrial portfolio in the United States.
Greenskies, a leading vertically-integrated solar company in the United States, will continue to operate under its brand and management from its Middletown, Connecticut headquarters. All current Greenskies employees in Middletown will remain based at company headquarters, with additional personnel growth in Connecticut and across the country to support its rapid expansion.
Clean Focus adds to its already large commercial, industrial, and small-utility portfolio with the purchase of Greenskies and its operating portfolio. This acquisition makes Clean Focus one of the largest and fastest growing commercial solar developers and operators with a national footprint. Greenskies will benefit from increased financial resources and international scale to accelerate growth and to deliver best-in-class service to its customers.
"Clean Focus is excited to add Greenskies to its integrated group of companies. This acquisition strengthens Greenskies, grows Clean Focus, and provides new opportunities for our customers and financing partners," said Stanley Chin, President and CEO of Clean Focus. "We look forward to accelerated growth across a wide breadth of markets."
Greenskies expects to expand its base of large corporate and retail clients, including Fortune 50 national big-box retailers, government entities, and utilities. Greenskies intends to build out its project pipeline of 350 MW and expand into new segments including schools, hospitals, and community solar.
The management team of Greenskies is led by Will Herchel who has been president since November 2016 and joined the company in January 2012. "This purchase and investment 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."