Kingspan Energy Inc. has acquired American Solar & Alternative Power LLC to expand into the northeast U.S.
American Solar, based in Stamford, Connecticut, provides commercial solar energy and LED lighting products in New England and the Tri-State area. Terms of the transaction were not disclosed.
Jessup, Maryland-based Kingspan, a subsidiary of Kingspan Group plc, is a solar energy business that makes solar panels for the commercial and industrial markets. This is the business' first deal in the U.S.
The Irish parent company is a building materials business with a focus on insulation for energy-efficient construction systems.
Several other companies are also buying up solar assets. In June, Gibraltar Industries (Nasdaq: ROCK) made a deal to buy solar panel racking and greenhouse building businesses RBI Solar Inc. and Rough Brothers Manufacturing Inc. for $130 million. Before that, in May, SunEdison Inc. (NYSE: SUNE) picked up seven renewable energy projects.