Mainstream Energy, a local solar installer, gets $40M from Norwegian firm

Chris Morrison | April 14th, 2008

Renewable Energy Corp., a vertically-integrated solar supplier based in Norway, has put $40 million into San Luis Obispo, Calif.-based Mainstream Energy for a 20 percent stake in the company.

Mainstream supplies and installs solar modules to consumers and businesses, and also negotiates supply agreements with utilities. The investment gives REC an entry-point into the US market.

Mainstream itself has stakes in two smaller companies: AEE Solar, a wholesale solar distributor, and REC Solar (no relation to the Norwegian company), which handles sales and installation of systems.

The agreement also gives REC the option to acquire a majority stake in Mainstream by exercising options that will remain valid for three years. [Via Reuters]

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  1. April 14th, 2008
    6:01 pm

    The Daily Sprout « Earth2Tech said:

    [...] Norwegian Solar Supplier Invests in U.S. Installer: Renewable Energy Corp. of Norway has invested $40 million in San Luis Obispo, Calif.-based Mainstream Energy, a residential and commercial and solar installer giving REC a 20 percent stake - Reuters via VentureBeat. [...]