Strategic purchase will allow RES to expand transmission business, accelerate growth
BROOMFIELD, Colo., Nov. 2, 2015 -- Renewable Energy Systems Ltd. (RES), a leader in the origination, development, engineering, construction, and operation of wind, solar, transmission, and energy storage projects across the globe, is pleased to announce the acquisition of substantially all of the assets, personnel, and equipment of System 3 Inc. (System 3), a specialty electrical contractor based in Sacramento, CA. System 3 has deep expertise and experience in constructing substation, transmission line, and collection system work in the wind and solar energy market as well as other utility and general commercial and industrial businesses. The transaction, which closed on November 2, 2015, will enable RES to accelerate growth, complete its transition towards a fully integrated self-perform contractor as well as help to diversify its services further into utility infrastructure and transmission construction.
The addition will improve RES' competitiveness in wind, solar and storage construction, bolstering the company's ability to engineer, procure and construct transmission lines and substations. RES' customer pool will diversify by reaching further into general industrial and commercial sectors.
"With this acquisition, RES will be able to leverage System 3's expertise in the renewable energy space to grow market share and provide our clients with more solutions under one company," stated Glen Davis, Chief Executive Officer of RES in the Americas. "We will be embracing the best capabilities of both organizations."
"We are excited to be joining RES and feel this transaction will provide a stronger balance sheet to allow for the expansion of our transmission business," said Tom Wilbert, Chief Executive Officer of System 3 Inc. "RES is highly regarded in the renewable energy sector and with the benefit of their more than 30 years of experience, we will be able to focus on reaching the next level of growth that will benefit our employees, customers, and partners."
System 3 Snapshot:
* Competencies in electrical infrastructure for renewable facilities, constructing new or rehabilitating utility substations and transmission lines.
* Client list includes investor-owned, municipal and rural co-op utilities, wind energy and solar general contractors and project developers.
* An outstanding safety record.
Joel Leineke, President of System 3, will also be President of the new entity, RES System 3, LLC, and will report to Andrew Fowler, Chief Operations Officer of RES in the Americas. System 3's existing operations will continue as normal while some administrative services are aligned with current RES infrastructure.
Since 1997, RES has been providing development, engineering, construction, and operations services to the utility-scale wind, solar, transmission, and energy storage markets across the Americas. The company employs more than 500 full-time professionals and has over 8,000 MW of utility-scale renewable energy and energy storage projects and has constructed more than 650 miles of transmission lines throughout the U.S., Canada, and Chile. RES' U.S. corporate office is located in Broomfield, CO with regional offices located in Austin, TX, Minneapolis, MN, and San Francisco, CA.