Solarrus Corporation Acquires Power Factors, LLC; Leading Renewable Energy Services Provider Acquires Software Platform for Optimizing Renewable Energy Assets
Solarrus Corporation, a leading independent service provider in the North American solar, electric vehicle and battery energy storage industries, announced today that it has acquired Power Factors. The acquisition adds to Solarrus an industry-leading software platform for monitoring and managing renewable energy assets, cementing Solarrus' position as a leading independent provider of operations and maintenance services to renewable energy asset owners. Power Factors co-founders Steve Scales and Steve Hanawalt will join the Solarrus leadership team and will play key roles in continuing Solarrus' significant growth.
Solarrus Corporation Acquires Power Factors, LLC
Leading Renewable Energy Services Provider Acquires Software Platform for Optimizing Renewable Energy Assets
COSTA MESA, CA, APRIL 21, 2016 - Solarrus Corporation, a leading independent service provider in the North American solar, electric vehicle and battery energy storage industries, announced today that it has acquired Power Factors. The acquisition adds to Solarrus an industry-leading software platform for monitoring and managing renewable energy assets, cementing Solarrus' position as a leading independent provider of operations and maintenance services to renewable energy asset owners. Power Factors co-founders Steve Scales and Steve Hanawalt will join the Solarrus leadership team and will play key roles in continuing Solarrus' significant growth.
Based in San Leandro, CA, Power Factors provides renewable asset owners with a hardware-agnostic software-as-a-service ("SaaS") solution for performance monitoring, asset management and optimization. Power Factors' software solution is built on the PI System by OSIsoft, the industry leader in software for capturing and managing operational data in the power industry. With over 4 GWs of utility-scale, commercial, and residential solar and 200 MWs of wind assets under management, Power Factors has become a market-leading tool for renewable energy asset owners.
"Joining Solarrus represents an exciting step in our company's growth," said Steve Scales. "Our customers' needs are evolving rapidly; together with Solarrus we are providing comprehensive products and services to optimize the performance and reliability of their energy assets."
"Renewable energy asset owners and operators finally have an industrial-grade software toolset in Power Factors - transforming their portfolio management," added Steve Hanawalt. "Power Factors solves the problem that all distributed-asset portfolio owners face: developing uniform, scalable workflow management that can be used with any combination of generation assets or operating devices."
Solarrus CEO Mark McLanahan said, "We are thrilled to welcome the Power Factors team to the Solarrus platform. Power Factors gives owners and operators an unprecedented level of control and visibility into the operations of their diverse portfolios. The addition of Power Factors to Solarrus's solution will be transformational for our business and for our customers. Solarrus now has the market-leading operations platform to complement its highly-trained and professional operations and maintenance workforce. With this acquisition, we continue to build our company in the service of our customers, keenly focused on solving their needs as we help them build-out this country's next generation energy infrastructure."
The acquisition of Power Factors is being financed primarily by funds managed by Oaktree Capital Management, L.P.'s (Oaktree) Power Opportunities Group, which is the majority owner of Solarrus. Peter Jonna, Vice President of Oaktree added, "We are excited to be combining two leading independent operations and maintenance companies in the renewable energy sector. This acquisition brings together outstanding professionals who are keeping a significant stake in the business and have a common goal to build the best-in-class renewable energy service company."
Solarrus is a leading provider of third-party O&M services to the renewable energy and EV industries. Solarrus's business units, True South Renewables, Inc. ("TSR") and MaxGen Energy Services ("MaxGen"), together represent the largest independent service provider for solar O&M in North America. The TSR and MaxGen teams have a nationwide footprint to provide plant operations and field maintenance services and currently manage some of the largest operating solar plants in the US. Additionally, Solarrus has unmatched experience with the development, design, installation, and maintenance of electric vehicle service equipment ("EVSE"). As an OEM service provider to many of the manufacturers of EV charging stations, Solarrus has amassed two decades of experience with EVSE installation. Founded in 2009, Solarrus is headquartered in Costa Mesa, CA. For additional information, please visit Solarrus's website at http://solarrus.com.
About Power Factors, LLC
Power Factors delivers bankable, scalable data platforms for clean energy, providing infrastructure and services to optimize the physical and financial performance of clean energy assets. The company's proprietary platform is built upon pillars of the electric power industry, time-tested over decades to ensure reliability and scalability. Its energy and data experts work with the largest and most successful clean energy companies in the world to help customers get the most out of their investments.
Oaktree is a leading global investment management firm focused on alternative investments, with over $97 billion in assets under management as of December 31, 2015. Oaktree's Power Opportunities Group invests in profitable, growing companies with innovative products and services used in the energy and power industries. The firm emphasizes a value-oriented and risk-controlled approach to investments. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.