Westinghouse Solar, Inc, a designer and manufacturer of integrated rooftop solar power systems, and CBD Energy Ltd. (CBD), a diversified renewable energy company, announced a joint venture to design, engineer, procure and construct (EPC) commercial projects in Italy.
Westinghouse Solar CEO Margaret Randazzo commented, “This agreement is a continuation of our companies’ collaborative efforts as we move towards our merger. As with our previously announced Harvey Norman agreement and the 1.4 MW EPC project in New Jersey, we continue to look for collaboration opportunities that benefit both entities. We believe our investment in this venture further diversifies our business, and will provide incremental earnings.” CBD Managing Director, Gerry McGowan, stated, “As we work toward completion of our merger, we are committed to help improve the financial performance of Westinghouse Solar. In doing so, our teams continue to look for opportunities where both parties can bring something to the table. By partnering with Westinghouse Solar, we are able to diversify their business and provide them an attractive earnings source through their investment and participation in our Italy project pipeline. Following merger closing, we intend to pursue additional EPC opportunities in Europe and the U.S.” Mr. McGowan said.
Westinghouse Solar will obtain a 25% stake (with the option to take up to a 50% stake) in the profits from CBD’s commercial project pipeline in Italy, in exchange for an investment of $1.5 million (with option to invest up to a further $1.5 million).
Founded in 2001, Westinghouse Solar is a designer and manufacturer of solar power systems. In 2007, Westinghouse Solar pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, originally branded “Andalay”, quickly won industry acclaim. CBD Energy (CBD) is Australia’s emerging leader in renewable energy, enabling the efficient use of renewable energy for utilities, businesses and households through operations in wind, solar, energy storage and engineering. It has become one of the largest non-utility suppliers and installers of solar energy generation equipment for both large- and domestic-scale operation in Australia. Utilizing its globally-competitive supply chain, CBD is also currently developing and profitably installing solar projects in Europe and Southeast Asia, both directly and through joint ventures.