Plus Renewable Technologies said that its subsidiary, SP Energy (USA) One LLC, the parent company of Radian Generation LLC has entered into a merger agreement with an arm of 424 Capital.
As per the deal, the business will operate under the brand name of Radian Generation LLC. This partnership will support the continued growth of Radian’s renewable energy asset management services and RadianLENSTM software offerings and provide capital for expansion opportunities.
Radian provides asset management solutions and software to the renewable energy industry. It’s offerings currently support over 18GW of solar and wind facilities with individual project sizes ranging from 30kWp to over 600MWp.
Under the merger agreement terms, Radian will be owned 60 per cent by 424 and SP Energy will own the remaining 40 per cent.
424 is a private equity and venture capital firm based out of Boston, Massachusetts. It’s investment will enable Radian to consolidate its position in North America and further broaden its service offering into new sectors and markets.
Paul Cheng, CEO of Plus Renewable remarked, “by creating a strong partnership with 424 to bring together our respective expertise, we are expanding on an emerging and increasingly important sector where Radian has already established a dominant position in North America. We sincerely believe in Radian’s future and we are totally confident that with this new partnership under Joe Kastner’s leadership as CEO of Radian, Radian will continue to reach new milestones for the business.”
“The partnership between Plus Renewable, 424 and Radian will accelerate Radian towards the goal of creating the leading, global, best-in-class platform for renewable energy asset management. We are strong believers in the enhanced role renewables need to play in the global energy mix and believe this is one of the most important times to be investing our time and capital in this space. We are certain that together we can make real impact,” said Walter Beinecke, Partner of 424.
“We have built a robust platform dedicated to providing best-in-class asset management services and software over the past 8-years and are excited to be operating under this new ownership structure with 424 and Plus Renewable,” said Joe Kastner, CEO and Founder of Radian.