Commercial, Industrial, Commercial, Industrial, Sourcing Renewables - January 18, 2017
Schneider Electric acquires Renewable Choice Energy
Schneider Electric, perhaps most commonly known to commercial and industrial energy users for its energy management services, on Jan. 18 announced its acquisition of Renewable Choice Energy to provide advanced renewable energy procurement services to its customers.
The deal, which closed Jan. 13, is intended to strengthen Schneider Electric's position in a rapidly growing renewable energy market, the company said in a news release. Schneider, headquartered in France, says the acquisition of Colorado-based Renewable Choice Energy will bolster its advisory services for power purchase agreements and its ability to aid clients in the implementation of other innovative clean technology solutions.
Financial terms of the deal were not disclosed.
In a blog post, Renewable Choice Energy President and CEO Pete Dignan said the company is joining the energy and sustainability services business within Schneider.
Renewable Choice Energy has worked with more than 160 of the Fortune 500 in their pursuit of green power and other carbon reduction technologies, according to the news release.The company has helped companies such as Amazon Web Services, the cloud computing arm of Amazon.com Inc., Facebook, Philips and Digital Realty execute PPAs for renewable energy.
"As clean energy reaches price parity with traditional energy, companies are taking aggressive steps to integrate renewables. We are seeing tremendous demand from clients to source a mix of green energy at a competitive rate," Steve Wilhite, senior vice president of energy and sustainability services for Schneider Electric said in a statement.
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