News Article
CBD Energy Launches Renewable Energy Business In The U.S.
CBD Energy Ltd. announced its plans to launch its portfolio of renewable energy businesses in the U.S. market. The company, recently announced a proposed merger with Westinghouse Solar, Inc.
"CBD Energy's pending merger with Westinghouse Solar offers an ideal platform for the expansion of our renewable energy business into the world's largest market," said Gerry McGowan, Managing Director and CEO of CBD Energy Ltd. "In addition to building upon Westinghouse Solar's business in the U.S., CBD Energy plans for U.S. operations built around its core strengths in design, engineering, procurement and construction (EPC) of commercial solar projects; energy efficiency and storage technologies; and energy services."
"CBD Energy's merger with Westinghouse Solar and the launch of our renewable energy divisions in the U.S. aligns with our strategy to create a more highly diversified business and to accelerate our access to growth opportunities in renewable energy," continued McGowan.
A key focus of the company will be in assisting customers with EPC and financing of solar projects in the U.S., an area in which CBD Energy has significant expertise and sees abundant opportunity in the U.S. market. With energy deregulation, CBD Energy also sees the U.S. market as primed for growth in the area of energy services, where it plans to offer utilities and service providers a solar option to add to their service portfolios. CBD Energy also has a range of energy efficiency, capacitor, storage and remote area storage technologies that address various energy management challenges "“ an area often noted as "the missing link" in renewable technology.
"CBD Energy sees tremendous opportunity in the solar market in the U.S., particularly with their EPC expertise combined with Westinghouse Solar's success in driving down installed system cost by innovating the design and ease of installation of solar panels," said Margaret Randazzo, Chief Executive Officer of Westinghouse Solar, Inc. "Expanding the CBD Energy portfolio into the U.S. diversifies our combined business, providing incremental earnings and enabling our continued innovation and expansion."
Since announcing the merger, CBD Energy and Westinghouse Solar have already demonstrated significant synergies and collaboration, including partnering on an EPC contract to build a 1.4 MW solar project in New Jersey; a joint venture to build 30 MW of EPC commercial projects in Italy; and a joint agreement to begin distributing 5 MW of Westinghouse Solar Instant Connect™ Solar Power Systems to Harvey Norman's Commercial Division, Australia's largest electrical and home improvement retailer.
