OnForce Solar will become part of newly formed entity, 174 Power Global Northeast. Backed by Korean giant Hanwha – $55B in Revenue.
Community solar is being quickly adopted nationwide. Together, 174 Power International and OnForce Solar is going to have the ability to provide more families with a neighborhood solar offering, providing consumers the choice to buy a “share” at a neighborhood solar project in order to adopt clean energy practices and reduce electricity prices. New York is among the most active community solar countries, with others quickly joining the coalition. Presently, OnForce Solar serves New York and New Jersey; 174 Power International intends to scale the company round the Northeast and expand to other areas of the country as solar prices continue to drop and customer demand increases.
“The Northeast market is an integral geography in our growth strategy, and this acquisition enables us to provide solutions at the underserved midscale commercial solar marketplace, while creating community solar available to home and business owners,” stated 174 Power Global President Henry Yun, PhD. “OnForce Solar has become a pioneer in neighborhood solar, and we are excited to join forces for this respectable and successful firm, further enlarging our nationwide utility-scale solar growth portfolio.”
“This trade with 174 Power Global provides additional funds, infrastructure and capital that will enable us to expand our footprint and quicken our Commercial Industrial and Community Solar operations. 174 Power Global and The Hanwha Group are ahead thinking partners and we’re pleased to be chosen as part of their vision.,” explained OnForce Solar Founder, Charles Feit. “We look forward to working alongside 174 Electricity International as we continue our mission to give value to our customers in addition to creating competitive jobs in the clean energy industry.”
The OnForce Solar acquisition is 174 Power Global’s second new retail industry announcement this season as the business continues its expansion into retail energy. In June, 174 Power Global launched Chariot Energy, a Houston-based retail electricity provider dedicated to offering simple, transparent and dependable solar power products to consumers and companies in the Texas market.
About 174 Power Global
Irvine, California-headquartered 174 Power Global is a leading solar energy company that’s wholly owned by the Hanwha Group. With deep experience across the entire spectrum of this job development cycle, 174 Electricity International operates closely with landowners, local communities, both financial investors and other partners to construct highly productive, utility scale solar power plants across North America. Since its formation in 2017, 174 Electricity Global has signed almost two gigawatts (GW) of electricity purchase agreements and contains over 6 GW of further jobs in the development pipeline. The business was rated as the 2018 amount #1 solar project development company in the USA by Wood Mackenzie.
174 Electricity Global’s title was inspired by the 174 petawatts (PW) of power the earth receives from sunlight at any given moment.
