Australia’s CBD Energy to acquire Westinghouse Solar
17 Feb 2012
Australian renewable energy company CBD Energy yesterday agreed to acquire Westinghouse Solar Inc in an all-stock deal in its bid to enter the North American market.
Campbell, California-based Westinghouse Solar is a designer and manufacturer of solar power systems. It pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel called Andalay.
It also made the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 per cent and lowering labour costs by approximately 50 per cent.
Sydney-based CBD Energy, which is Westinghouse Solar's second-biggest shareholder with a 10.39-per cent stake, will own 85 per cent of the combined company, while shareholders of Westinghouse Solar will own the remaining 15 per cent.
Under the deal, Westinghouse Solar shareholders would receive CBD Energy common stock in exchange for their shares of Westinghouse Solar.
Australian Securities Exchange-listed CBD Energy is one of the largest suppliers and installers of solar energy equipment for large and domestic scale solar energy generation in Australia.
