Private equity-backed Silverado Power, a solar project development and power company, has merged with power producer Sustainable Power Group.
The combined company, called SPower, will focus on developing, acquiring and operating solar energy projects, and will be headquartered in Salt Lake City. Terms of the deal were not disclosed.
SPower is majority-owned by private equity firm Fir Tree Partners, which owned Silverado when it merged with Sustainable Power. The San Francisco-based firm bought Silverado Power in 2013.
Fir Tree, based in New York, invests in public, private and real estate companies, as well as sovereign debt.
In July, Hanergy Holding Group Ltd. bought Global Solar Inc., which makes cells for solar panels. In January 2013, the company bought MiaSole, which also makes cells for solar energy.
The transaction comes after solar panel makers have struggled in an environment saturated with product, which drove down prices. That environment caused the bankrupties of Solyndra, Evergreen Solar, Q-Cells and several other solar panel companies.