CBD Energy to acquire Green Earth Developers

CBD energy

CBD Energy announced plans to acquire Charlotte, NC-based Green Earth Developers (GED), a provider of solar energy services to commercial and utility customers in North America and the Caribbean.

Upon completion of the proposed acquisition, GED will be a wholly owned subsidiary of CBD. GED founder and CEO Donald Reed will continue as CEO of GED, and head CBD’s commercial and utility business in the United States.

CBD anticipates that the proposed acquisition of GED will accelerate CBD’s expansion into the U.S. commercial solar market.

CBD energy

In the past six months, GED has substantially completed or commissioned three solar projects with 7.7 MW of capacity and has a current backlog of more than 3.6 MW, some of which is currently under construction.

The company has also been involved in the construction of more than 3,500 MW of renewable energy projects and related infrastructure.

CBD and GED have already begun collaborating on multiple projects and expect these efforts to enhance near-term opportunities for GED when the acquisition is consummated.

CBD and GED anticipate that the proposed acquisition will take the form of a stock purchase, and that the selling shareholders and management will receive a combination of cash and ordinary shares of CBD in amounts still being negotiated.

The definitive purchase agreement is expected to have customary closing conditions.

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