- 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).