Finavera Wind Energy Inc has completed the acquisition of Solar Alliance of America. To cement the importance of the merger, the company will be changing its name to Finavera Solar Energy, Inc.
The agreement was first announced last summer. Now that the acquisition is complete, Finavera plans to enter an immediate strategic marketing initiative aimed at increasing Solar Alliance sales and expanding into new markets.
Artie Rose, President and CEO of Solar Alliance of America says, “We are extremely excited about the potential growth of Solar Alliance of America, Inc. Our plans are to open 3 new offices by year end and an additional 7 offices in 2016. Being a publicly traded company will give us the resources to grow.”
Finerva’s plan to change its name from Finavera Wind Energy to Finereva Solar Energy Inc is a reflection of the company’s new core business interest. CEO Jason Bak explains, “This transaction marks a pivotal milestone for the Company and our shareholders…The residential solar market in America is growing at an incredible pace and with less than 1% of U.S. residential homes having installed solar systems, Solar Alliance is perfectly positioned to capitalize on that growth. We will be aggressively expanding the Solar Alliance brand throughout California in order to create a powerful player in the U.S. residential rooftop solar market.”
Finavera has already developed over 360 MW of wind energy projects. Their partnership with Solar Alliance of America, who have installed over 1500 residential systems in southern California, and are ranked number 9 on Inc. Magazine’s list of top 100 California companies, should have a positive impact on the growth of residential solar in California.