Osaka Gas USA (OGUSA), a 100% subsidiary of Osaka Gas Co., Ltd., has agreed to invest in SolAmerica Energy, a U.S. distributed solar energy project developer and EPC provider.
Founded in 2009, SolAmerica Energy has developed and constructed more than 100MW of solar projects across the eastern half of the United States. Through its investment, OGUSA will hold a significant, non-controlling equity interest in a newly formed joint venture company, alongside SolAmerica Energy management team and existing shareholders.
This joint venture marks OGUSA’s first investment in the U.S. renewable energy space and will expand OGUSA’s power portfolio in North America. SolAmerica Energy will utilize OGUSA’s investment to grow its business in both new and existing markets. The focus of this growth will include solar-plus-storage, community solar, and commercial and industrial behind-the-meter solar projects in response to growing customer demands.
“Earning the trust of a high caliber client like Osaka Gas and assisting them in executing their first investment in U.S. renewables is very meaningful to us,” said Frank Palladino, Managing Director at CohnReznick Capital. He added, “We are proud to have helped them further their sustainability goals, and we look forward to facilitating their continued growth in North America.”
Tetsushi Ikuta, CEO of OGUSA, said, “OGUSA is really excited about this strategic partnership with SolAmerica Energy, and we believe it will be a meaningful step for us towards our goals in the U.S. renewable sector. The guidance and efforts from CohnReznick Capital delivered this great opportunity for us. Their support was critical for us to materialize this successful transaction.”
About Osaka Gas Co., Ltd.
Osaka Gas is part of the Daigas Group, which is focused on fostering a low-carbon society through the development and operation of renewable energy projects and expansion of its footprint in the U.S. renewable energy space. OGUSA’s decision to partner with SolAmerica Energy, a leading distributed solar company, aligns with its vision to support the transition to sustainable, low-cost energy.