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Solar M&A: Mitsui to Acquire SunWize Technologies.

ENERGY RESOURCE-30 October 2006-Solar M&A: Mitsui to Acquire SunWize Technologies(C)2006 JeraOne -

Mitsui & Co. Ltd. and Mitsui & Co. (U.S.A.) Inc. have agreed to acquire the business of Kingston N.Y.-based SunWize Technologies LLC, a solar technology company specializing in the design and manufacture of integrated solar power systems and associated project development and product distribution.

The acquisition is expected to close after completion of regulatory review. SunWize will be operated as a 100% subsidiary of Mitsui beginning in December.

Mitsui has been selling solar modules, a key component of solar power systems, to SunWize and other leading North American companies since 2002. The company said the acquisition "will significantly enhance" its participation in the solar power business in the North American market, which Mitsui notes is growing at 30% annually.

One of North America's largest solar power companies, with 15 offices and 1,700 customers throughout North and South America, SunWize has 15 years of experience in the industry and is a top-ranked supplier to the grid-connected and off-grid markets. Steady growth is expected due to SunWize's strong presence in the largest solar markets in the U.S., said Mitusi, including New Jersey, New York and California. SunWize has a distribution center in Oxnard, Calif.

Mitsui will retain the current management and employees of SunWize and add its own personnel "to enhance the company's management capability." Mitsui said it plans to grow the business "to $400 million within three to five years."

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Publication:Energy Resource
Date:Oct 30, 2006
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