Strategic purchase will allow RES to expand their transmission business and accelerate growth in the utility market.
Renewable Energy Systems (RES), a global developer and operator of wind, solar, transmission, and energy storage projects across the globe, has substantially acquired all of the assets, personnel, and equipment of System 3 Inc.
System 3 is a specialty electrical contractor based in California. The company has deep expertise and experience in constructing substation, transmission line, and collection system work in the wind and solar energy market, as well as in other utility and general commercial and industrial businesses.
The transaction, which closed on November 2nd, 2015, will enable RES to accelerate growth, complete its transition toward a fully integrated self-perform contractor and help to diversify its services into utility infrastructure and transmission construction.
The addition will improve RES’ competitiveness in wind, solar, and storage construction, bolstering the company’s ability to engineer, procure, and construct transmission lines and substations. RES’ customer pool will diversify by reaching further into general industrial and commercial sectors.
“With this acquisition, RES will be able to leverage System 3’s expertise in the renewable energy space to grow market share and provide our clients with more solutions under one company,” stated Glen Davis, Chief Executive Officer of RES in the Americas. “We will be embracing the best capabilities of both organizations.”
“We are excited to be joining RES and feel this transaction will provide a stronger balance sheet to allow for the expansion of our transmission business,” said Tom Wilbert, CEO, System 3 Inc. “RES is highly regarded in the renewable energy sector and with the benefit of their more than 30 years of experience, we will be able to focus on reaching the next level of growth that will benefit our employees, customers, and partners.”
System 3 snapshot:
- Competencies in electrical infrastructure for renewable facilities, and constructing new or rehabilitating utility substations and transmission lines.
- Client list includes investor-owned, municipal, and rural co-op utilities, wind energy and solar general contractors and project developers.
- An outstanding safety record.
Joel Leineke, President of System 3, will also be President of the new entity, RES System 3, LLC, and will report to Andrew Fowler, Chief Operations Officer of RES in the Americas. System 3’s existing operations will continue as normal while some administrative services are aligned with current RES infrastructure.
Filed Under: News
Tell Us What You Think!