Sammons Renewable Energy (SRE) announced a $241 million cash equity deal with Solar City last week.
The transaction includes SRE's investment in a wide-ranging portfolio of solar projects that extend across 16 states. It includes 26,000 home solar systems and 19 commercial and industrial projects.
“Solar City represents the caliber of company Sammons Renewable Energy looks to partner with,” Sammons Enterprises CEO Heather Kreager said. “As Sammons Renewable Energy continues to grow in the renewable energy market, we will pursue partners that have the potential demonstrated by SolarCity in its 10-year history.”
SRE is a wholly owned subsidiary of Sammons Enterprises Inc., which is managed by Franklin Park Investments. Founded in 1938, Sammons Enterprises' holdings consist of financial services, real estate investment and infrastructure. Its subsidiary SRE identifies and invests in large-scale renewable energy opprotunities in excess of $40 million.
“We are pleased to close this transaction with SolarCity and look forward to additional investments in the North American renewable energy market,” Franklin Park CEO Tom Tribone said. “Our objective is to partner with strong development companies and to acquire solar, wind and hydroelectric projects either at commencement of construction or project completion.”