SunEdison buys Island Energy
The acquisition of the Kailua company will open financing doors
A Maryland solar energy provider has acquired Kailua-based Island Energy Solutions Inc.
SunEdison LLC, a leading solar energy services carrier in North America, purchased the local electrical contracting and energy company for an undisclosed price.
Island Energy's 14 workers will remain with the company while its president, Keith Cronin, will continue as head of SunEdison Hawaii.
The acquisition will allow Island Energy, which opened in 1999, access to financing and a global supply chain.
Both companies provide what is known as photovoltaic systems, which turn sunlight into electricity.
"They have the financing capability and global supply system, which will allow us to lower our prices," Cronin said. "It's going to make it more affordable for a broader set of Hawaii businesses."
Cronin said the outlook for the solar market in Hawaii is promising. As the state continues to see some of the highest electricity rates in the country, more people will turn to solar alternatives, he said.
Since 1999, the company has installed 75 solar systems for businesses and homes.
"Hawaii is an important market for SunEdison, as the state most likely to reach grid parity first," said Jigar Shah, chief executive of SunEdison, which has about 300 employees.
Shah said the locally based company has been a progressive model for renewable energy solutions in Hawaii with broad expertise in the field for more than eight years.