Ohio — Babcock and Wilcox Enterprises announced that it has signed a definitive agreement to acquire a majority ownership stake in Illinois-based solar energy contractor Fosler Construction Company, significantly enhancing its capabilities in solar energy.
The transaction is expected to close at the end of September 2021, subject to customary closing conditions.
Fosler Construction will be part of B&W’s Renewable segment and will continue to be led by its Chief Executive Officer Paul Fosler, who will retain a minority ownership in the company.
Fosler Construction provides commercial, industrial and utility-scale solar services and owns two community solar projects in Illinois being developed under the Illinois Solar for All program. Founded in 1998 and employing approximately 120 people, it recently ranked in the top 10 percent of Inc. 5000’s listing of the nation’s fastest-growing private companies. The company has a track record of successfully completing solar projects profitably with union labor and aligning its model with a growing number of renewable project incentives in the U.S. The company is positioned to capitalize on the high-growth solar market in the U.S., with a near-term pipeline of more than 1 gigawatt of solar capacity.
“This transaction aligns with B&W’s aggressive growth and expansion of our clean and renewable energy businesses,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “Fosler Construction is an established leader in the commercial and utility solar business, and we’re excited about the many opportunities we see to work together to capitalize on a North American solar market that is expected to have a high rate of growth over the next five years.”
“B&W’s strong presence in the energy industry will provide the synergies and scale to support Fosler Construction’s growth, including sales and operational support, and the resources of a larger parent company. Fosler Construction’s expertise in the growing solar market, combined with B&W’s access to its existing customer relationships and resources to support larger projects, will allow us to aggressively pursue our ongoing renewable energy expansion and diversification. We’re thrilled to welcome the Fosler Construction employees to the B&W family,” Young said.
Fosler Construction CEO Paul Fosler said, “Fosler Construction has more than 20 years of construction experience and a dedication to supporting the growth of clean energy in the U.S. We’re proud of the work we’ve done and the great team of employees at Fosler who will continue to be a critical part of our success going forward. We believe this transaction will help propel our growth to take advantage of the significant solar installation pipeline we have on the near-term horizon, and we’re excited to join with B&W, which has more than 150 years of experience in energy and environmental technologies and a strong, highly experienced leadership team.”