Babcock & Wilcox Enterprises agreed to acquire a majority ownership stake in Illinois-based solar energy contractor Fosler Construction Co. The deal is expected to close at the end of September, subject to customary closing conditions. Terms were not disclosed.
Fosler will be part of B&W’s Renewable segment and will continue to be led by its CEO Paul Fosler, who will retain a minority ownership stake.
Fosler Construction provides commercial, industrial, and utility-scale solar services and owns two community solar projects in Illinois that are being developed under the state’s Solar for All program. The company was founded in 1998 and employs around 120 people. It has a near-term pipeline of more than 1 GW of solar capacity.
B&W said the acquisition aligns with its expansion into clean and renewable energy. The 150-year-old Akron, Ohio-based company historically has been a part of the fossil generation sector, designing and building boilers for coal-fired power plants globally. It also has played a major role in providing technology for the U.S. nuclear Navy.
Fosler Construction has more than 100 operational solar installations across Illinois and active projects in New York, Virginia. and Maryland.
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