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According to sources close to the deal, fast-growing and acquisitive renewable energy developer SunEdison is acquiring Evolve Solar, a direct solar sales firm, for up to $48 million, in what appears to be a sign of SunEdison's deeper commitment to residential solar power.
Evolve's LinkedIn page claims that the company is "America’s No. 1 full-service solar provider" where "happy reps create happy customers."
Evolve Solar is a residential PV solar sales originator. In fact, Evolve is a nationwide certified SolarCity partner. Which would seem to make the union of SunEdison, SolarCity and Evolve a bit awkward -- but SolarCity's spokesperson suggested the loss of Evolve's direct sales would not be significant, noting, "We've reduced our use of resellers -- it’s become a higher-cost channel, and it’s more difficult to control quality."
This would be the third acquisition of an originator by an installer/financier after SolarCity's acquisition of Paramount and Solar Universe's purchase of Gen110.
Evolve's acquisition is due to be announced sometime next week.
Gordon Handelsman, senior director of brand and corporate communication at SunEdison, did not have a comment on the alleged acquisition, but did wish me, and presumably our readers, a "wonderful Easter weekend."