December 19, 2017

Calif. renewable energy developer acquires Greenskies

Contributed photo
Contributed photo
State Sen. Art Linares co-founded Greenskies Renewable Energy, which has been acquired by a California company. He and other key managers are exiting the company after an acquisition.
PHOTO | Contributed
Stanley Chin

Middletown-based Greenskies Renewable Energy, which has been called the most prolific solar developer in Connecticut, has been purchased by Sunnyvale, Calif.-based Clean Focus Yield Limited, a group of renewable-energy companies.

Terms of the deal, which the company said Tuesday was completed during the summer but not made public until today, were not disclosed. Key Greenskies investors and executives -- including former President Mike Silvestrini, co-founder and state Sen. Art Linares, Executive Vice President Andrew Chester and investor Bob Landino, who is also CEO of Centerplan Construction Cos. -- were bought out in the transaction and are no longer active in management of the company.

Clean Focus says the deal makes it the owner and operator of the largest commercial and industrial solar portfolio in the United States.

Greenskies, which develops, constructs, and maintains renewable-energy projects, will continue to operate from its Middletown headquarters at 180 Johnson St.

The company said it expects personnel growth in Connecticut and across the country.

Greenskies will gain added financial resources and international scale as a result of the deal, the two companies said.

"This acquisition strengthens Greenskies, grows Clean Focus, and provides new opportunities for our customers and financing partners," said Stanley Chin, CEO of Clean Focus, who is now also listed as Greenskies' CEO.

Greenskies has a project pipeline of 350 megawatts of renewable energy and intends to expand into new segments including schools, hospitals and community solar, said Will Herchel, who has been president since November 2016.

The Clean Focus group of companies originates, develops, finances, constructs, owns, and operates renewable-energy projects in the United States, Taiwan and China.

Greenskies' connection to Centerplan and Landino got it caught up in a legal dispute earlier this year related to the construction of Dunkin' Donuts Park in Hartford, WNPR reported.

The suit, filed by Greenskies against Arch Insurance in federal court in New Jersey, is still ongoing, according to court records.

Clean Focus didn't immediately respond to questions about that suit.

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