News

First Solar to acquire skytron-energy from AEG Power Solutions

03 June 2014

Move will broaden First Solar's reach in Europe.

Skytron-energy is a subsidiary of AEG Power Solutions, which provides utility-scale photovoltaic power plant management systems, operations and maintenance services, data monitoring technology, and equipment to solar power plants throughout Europe. Currently, skytron has installed monitoring and control systems in more than 600 plants across Europe, with a total peak capacity of 5 gigawatts, more than doubling First Solar's global portfolio of monitored assets. Financial terms of the deal were not disclosed.

The acquisition supports First Solar's initiative to provide full, end-to-end energy solutions that vertically integrate solar services and solutions. Primarily, the deal broadens First Solar's portfolio of energy assets operated and maintained by the company and establishes a strategic opportunity to offer additional value-added services to both existing and new customers in Europe.

"skytron has a high quality, operations-based foundation and a strong portfolio of valued customers," said Bob Callery, First Solar's vice president of operations and maintenance. "They bring considerable strategic value to our global O&M offering, as well as a pathway to expand our services across the entire solar value chain. Our combined expertise enables power plants to operate with the reliability of conventional generation resources, further establishing solar as a given part of the global energy mix."

Jeffrey Casper, chief restructuring officer of AEG Power Solutions, a and member of the board of directors, called the acquisition a "very positive move" for skytron-energy. "Joining First Solar assures that skytron will continue to provide customers leading-edge monitoring, supervision and plant control solution systems," he explained. "skytron benefits from the reach of First Solar's powerful sales and service network, as well as its installed base. This deal opens a wealth of prospective growth and development for all parties."

Under the terms of the deal, skytron will operate as a subsidiary of First Solar, maintaining its own established brand identity. In addition, skytron-energy employees will remain with the organization, and operations will continue without disruption, Callery noted.

The acquisition is subject to consent by the German merger control authorities ("Bundeskartellamt").

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