174 Power Global Acquires OnForce Solar OnForce Solar Now Part of 174 Power Global Northeast 174 Power Global Enters Community Solar with Acquisition
NEW YORK : 174 Power Global (“174 Power Global” or “the Company”), today announced that it has acquired OnForce Solar, a leading New York commercial solar development firm and community solar business, further advancing the Company’s presence in the retail energy and commercial and industrial (C&I) project development markets. OnForce Solar will become part of newly formed entity, 174 Power Global Northeast.
Community solar is being rapidly adopted nationwide. Together, 174 Power Global and OnForce Solar will be able to provide more households with a community solar offering, giving consumers the option to purchase a “share” in a community solar project in order to adopt clean energy practices and reduce electricity costs. New York is among the four most active community solar states, with others quickly joining the coalition. Currently, OnForce Solar serves New York and New Jersey; 174 Power Global plans to scale the business across the Northeast and expand to other parts of the country as solar prices continue to drop and consumer demand increases.
“The Northeast market is a key geography in our growth strategy, and this acquisition allows us to provide solutions in the underserved midscale commercial solar market, while making community solar more available to home and business owners,” said 174 Power Global President Henry Yun, PhD. “OnForce Solar has been a pioneer in community solar, and we’re excited to join forces with this reputable and successful company, further expanding our national utility-scale solar development portfolio.”
“This transaction with 174 Power Global provides additional resources, infrastructure and capital that will enable us to expand our footprint and accelerate our Commercial Industrial and Community Solar operations. 174 Power Global and The Hanwha Group are forward thinking partners and we are pleased to be selected as part of their vision.,” said OnForce Solar Founder, Charles Feit. “We look forward to working alongside 174 Power Global as we continue our mission to provide value to our customers as well as creating competitive jobs in the clean energy industry.”
The OnForce Solar acquisition is 174 Power Global’s second new retail business announcement this year as the Company continues its expansion into retail energy. In June, 174 Power Global launched Chariot Energy, a Houston-based retail energy provider focused on offering simple, transparent and reliable solar electricity products to consumers and businesses in the Texas market.
About 174 Power Global
Irvine, California-headquartered 174 Power Global is a leading solar energy company that is wholly owned by the Hanwha Group. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with landowners, local communities, financial investors and other partners to build highly productive, utility scale solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts (GW) of power purchase agreements and has more than 6 GW of additional projects in the development pipeline. The Company was ranked as the 2018 number #1 solar project development company in the United States by Wood Mackenzie.
174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun at any moment.
About OnForce Solar
OnForce Solar is a vertically integrated New York City based solar energy company that develops, designs, engineers, finances, installs and maintains solar energy systems for commercial, municipal and utility-scale customers. OnForce Solar also provides discounted electricity rates through its community solar subscription business. Founded in 2008, OnForce Solar has grown into one of the largest developers of solar energy in New York State. OnForce Solar is headquartered in the Manhattan, NY, with regional offices in The Bronx.
About Chariot Energy
Chariot Energy is a Houston-headquartered retail energy provider that provides 100% clean, renewable solar energy to the Texas market. By offering simple, transparent and reliable electricity products to the communities it serves, Chariot Energy is transforming Texas’ energy supply while modernizing and simplifying the way solar energy is sold and delivered. In collaboration with its affiliate companies, Chariot Energy is able to bring competitive prices to the market by leveraging its value chain from the manufacturing of the solar modules and development of utility scale solar plants to the delivery of renewable power to homes and businesses.
Chariot’s mission is to bring solar electricity to all, without a premium.