B&W takes majority stake in solar energy contractor Fosler Construction
Babcock & Wilcox Enterprises (B&W) has closed the previously announced acquisition of a majority stake in Fosler Construction Company, an Illinois-based solar energy contractor.
The financial terms of the deal were not revealed by the Ohio-based renewable, environmental, and thermal energy technologies and service provider. The deal was announced last month.
Paul Fosler will continue as CEO and retain his minority stake in the business.
Established in 1998, Fosler Construction has a workforce of nearly 120. The company offers commercial, industrial and utility-scale solar services.
It owns a couple of community solar projects that are presently under development in Illinois.
Babcock & Wilcox Enterprises said that Fosler Construction will now come under its renewable segment and operate as Fosler Solar, a Babcock & Wilcox company.
Kenneth Young — Babcock & Wilcox Enterprises Chairman and CEO said: “We are pleased to welcome the talented Fosler team to B&W.
“We’re particularly excited about the key role Fosler Solar will play in the growth of B&W’s renewable energy business and the substantial opportunities we see in the market for solar installation and construction services in the U.S. Fosler Solar is one of the fastest-growing solar services firms in the country, and we intend to fully support and help accelerate that growth.”