Canada’s Envest acquires inexperienced power supplier Bullfrog Energy

December 2 (Renewables Now) – Canadian clear power supplier Envest Corp on Thursday introduced the acquisition of compatriot Bullfrog Energy in a transfer that can allow the inexperienced power retailer to develop its sustainability choices and develop its US enterprise.

Bullfrog Energy will turn out to be a wholly-owned subsidiary of Envest however will proceed to function below its model title. The brand new proprietor intends to maintain the entire acquired firm’s administration, it mentioned.

Beneath the deal, Envest has taken possession of Bullfrog Energy Inc, its US actions carried on by means of Bullfrog Options USA Inc and its subsidiaries. The enterprise supplies inexperienced power, together with renewable electrical energy, inexperienced gas and inexperienced pure gasoline, by means of energy buy agreements (PPAs) or by matching its clients’ consumption with the acquisition of renewable power certificates (RECs).

“This strategic transaction will present vital speedy advantages to each firms, enabling Bullfrog and Envest to realize new targets and understand progress alternatives,” mentioned Jason Moretto, president and CEO of Envest.

Canadian end-to-end electrical companies supplier Spark Energy in October announced it was promoting Bullfrog Energy for as much as CAD 35 million (USD 26m/EUR 24.7m), saying it intends to make use of the proceeds to cut back its debt and fund working capital wants.

(CAD 1.0 = USD 0.744/EUR 0.706)

Choose your newsletter by Renewables Now. Join for free!

Source

Leave a Reply