Solar Frontier announced today that it has entered into a definitive agreement to acquire a 280MW solar power project pipeline in the U.S. from Gestamp Solar. As part of the transaction, the development team leading Gestamp Solar's U.S. operations will join Solar Frontier Americas.
Atsuhiko Hirano, CEO of Solar Frontier, commented, "The U.S. downstream expansion is part of Solar Frontier's growth strategy to accelerate our business in key global markets through 2015 and beyond. The company has achieved world-class production costs and delivered exceptional product performance in Japan, a country recognized globally for demanding the highest quality in solar. We plan to bring that same quality and performance to our fully integrated business in the U.S. and the Americas."
"Solar Frontier's financial strength and high performance products combined with the experienced development team is sure to enable successful completion of this U.S. pipeline," said Jorge Barredo Lopez, CEO of Gestamp Solar. "We believe that this vertical integration is a major advantage in future development in the U.S. market."
Charles Pimentel, COO of Solar Frontier Americas, said, "This transaction will uniquely position Solar Frontier and its new world-class team to execute on the 280MW pipeline, thereby strengthening our global presence and allowing us to better leverage our performance advantages to achieve higher returns for our project investors. This also enables our team to build a more sustainable presence for Solar Frontier in the Americas and will certainly galvanize our existing and future relationships with our partners, suppliers, and end customers."