PPL Corp. Acquires Solar Energy Provider Safari Energy
- Jun 06, 2018
Utility company PPL Corp., headquartered in Allentown, Pa., has acquired provider of solar energy solutions for commercial customers Safari Energy. In correlation with the transaction, PPL hired industry veteran Vijay Singh, former executive director of renewable energy development and energy storage for NextEra Energy Resources.
Terms of the transaction were not disclosed, but PPL anticipates the acquisition will not alter its core business strategy, as its primary investment focus will remain regulated utilities. Instead, the purchase will allow PPL to take part in the growth of distributed energy resources, including energy storage.
Safari Energy, headquartered in New York City, specializes in the development of solutions to its clients, managing projects through all phases of development. Since its founding in 2008, the firm has completed more than 200 solar projects in 19 states, and has about 80 projects underway.
“The Safari Energy acquisition offers PPL an attractive, low-risk opportunity to help advance a cleaner energy future; to support the growth of distributed energy resources, including energy storage; and to gain additional experience with technologies that will play a bigger role in shaping the future energy grid,” William Spence, chairman, president & chief executive officer of PPL Corp., said in prepared remarks.