Blue Oak Energy, a design company focused engineering, procurement and construction (EPC) of solar photovoltaic (PV) systems, has announced receiving a joint investment from Coronal Group and Panasonic Eco Solutions.
“We are excited to have made this investment in a world-class renewable engineering firm,” said Panasonic Eco Solutions' US head Jamie Evans. “Panasonic is a Blue Oak Energy customer and pleased to support their growth and commitment to meeting increasing market demand.”
Coronal and Panasonic previously established an exclusive strategic relationship to jointly develop, finance and operate commercial and utility-scale solar assets, according to a related release circulated by financial advisory and investment banking firm Marathon Capital, which acted as the exclusive buy-side advisor for Coronal-Pacific on the transaction.
“The investment in Blue Oak Energy augments a proven and resourceful engineering platform with full EPC capability and financial support,” said Marathon Capital managing director Terry Grant. “Coronal-Panasonic will enjoy more fully integrated benefits that come from having a strategic relationship with Blue Oak Energy.”
As previously reported by Infrastructure Investor, Coronal and Pacific established a strategic partnership in 2011 with an eye toward developing and commercialising solar PV projects between 250 kilowatts and 20 megawatts in the commercial, industrial, municipal and small utility (CISMU) markets.
Blue Oak has reportedly completed solar installations at 600 locations across 30 US states with total installed assets accounting for more than 1 gigawatt in collective production capacity. The company's focus is on commercial and utility-scale solar power plants, because it believes clean energy technology should be a high percentage of the energy mix and needs to be prioritised over other generation types, a Coronal release said.
The amount of the joint investment was not disclosed in the release. The firms cited above didn't respond to inquiries into the level of investment or the impetus for the infusion before press time.