Solarrus Corporation Acquires Power Factors Leading Renewable Energy Services Provider Acquires Software Platform for Optimizing Renewable Energy Assets
Solarrus Corporation, a leading independent service provider in the North American solar, electric vehicle and battery energy storage industries, announced recently that it has acquired Power Factors. The acquisition adds to Solarrus an industry-leading software platform for monitoring and managing renewable energy assets, cementing Solarrus’ position as a leading independent provider of operations and maintenance services to renewable energy asset owners. Power Factors co-founders Steve Scales and Steve Hanawalt will join the Solarrus leadership team and will play key roles in continuing Solarrus’ significant growth.
Based in San Leandro, CA, Power Factors provides renewable asset owners with a hardware-agnostic software-as-a-service (“SaaS”) solution for performance monitoring, asset management and optimization. Power Factors’ software solution is built on the PI System by OSIsoft, the industry leader in software for capturing and managing operational data in the power industry. With over 4 GWs of utility-scale, commercial, and residential solar and 200 MWs of wind assets under management, Power Factors has become a market-leading tool for renewable energy asset owners.
“Joining Solarrus represents an exciting step in our company’s growth,” said Steve Scales. “Our customers’ needs are evolving rapidly; together with Solarrus we are providing comprehensive products and services to optimize the performance and reliability of their energy assets.”
“Renewable energy asset owners and operators finally have an industrial-grade software toolset in Power Factors – transforming their portfolio management,” added Steve Hanawalt. “Power Factors solves the problem that all distributed-asset portfolio owners face: developing uniform, scalable workflow management that can be used with any combination of generation assets or operating devices.”
Solarrus CEO Mark McLanahan said, “We are thrilled to welcome the Power Factors team to the Solarrus platform. Power Factors gives owners and operators an unprecedented level of control and visibility into the operations of their diverse portfolios. The addition of Power Factors to Solarrus’s solution will be transformational for our business and for our customers. Solarrus now has the market-leading operations platform to complement its highly-trained and professional operations and maintenance workforce. With this acquisition, we continue to build our company in the service of our customers, keenly focused on solving their needs as we help them build-out this country’s next generation energy infrastructure.”
The acquisition of Power Factors is being financed primarily by funds managed by Oaktree Capital Management, L.P.’s (Oaktree) Power Opportunities Group, which is the majority owner of Solarrus. Peter Jonna, Vice President of Oaktree added, “We are excited to be combining two leading independent operations and maintenance companies in the renewable energy sector. This acquisition brings together outstanding professionals who are keeping a significant stake in the business and have a common goal to build the best-in-class renewable energy service company.”