B&W Takes 60% Stake In Fosler Construction

Babcock & Wilcox Enterprises Acquires 60% Stake In US Solar EPC Firm Fosler Construction, A Company With Over 1 GW PV Pipeline

B&W Takes 60% Stake In Fosler Construction

With Fosler Construction under its wings, B&W said it wants to aggressively pursue its renewable energy expansion and diversification. (Photo Credit: Babcock & Wilcox Enterprises, Inc.)

  • B&W has acquired 60% stake in US solar energy construction contractor Fosler Construction
  • Fosler Construction will become part of B&W’s renewables segment, led by Paul Fosler
  • The construction company is said to have a near-term pipeline of more than 1 GW solar capacity in the US

Power generation equipment provider Babcock & Wilcox Enterprises, Inc. (B&W) is to acquire a 60% stake in a solar EPC service company called Fosler Construction in a bid to expand its presence in the field of solar energy.

Illinois, US based Fosler Construction is a solar energy contractor catering to the commercial, industrial and utility scale solar services. B&W said the company has a near-term pipeline of more than 1 GW in the US solar industry.

Post the acquisition comes to a close at the end of September 2021, Fosler Construction will become part of B&W’s renewable segment that currently focuses on waste-to-energy and biomass technologies, among other offerings. Fosler Construction’s CEO Paul Fosler will continue to lead the team and also retain a minority ownership in the company.

“This transaction aligns with B&W’s aggressive growth and expansion of our clean and renewable energy businesses,” said B&W Chairman and CEO, Kenneth Young. “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.”

B&W’s move to dig deeper into solar comes at a time when the US federal administration has propelled it to be one of the major clean energy technologies to lead the plans to have a 100% decarbonized grid by 2035 (see US Wants 40% Electricity From Solar By 2035).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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