Solar Spectrum, a clean-energy company backed by private equity firm Northern Pacific Group, bought residential system provider Horizon Solar Power.
They will sit together under the Sungevity brand, the Oakland, California-based solar company that filed for bankruptcy in March. Terms weren’t disclosed in a statement Tuesday. Solar Spectrum in April bought assets from Sungevity.
The merger comes amid a turbulent time for the rooftop solar industry. Sungevity is among several companies that have gone bankrupt, collapsed or are winding down as they chase smaller margins. The rooftop solar industry may contract nationally for the first time in 16 years, according to Bloomberg New Energy Finance, reflecting a shift in sales strategies and increasing pressure from utilities to adjust incentives.
“This is an unusual and opportunistic play,” Hugh Bromley,