Bend solar company purchased for $90M

By: Nathalie Weinstein//March 24, 2010//

Bend solar company purchased for $90M

Nathalie Weinstein//March 24, 2010//

Listen to this article

Bend solar manufacturer PV Powered today announced that it will be purchased by a Colorado company, Advanced Energy, for up to $90 million.

PV Powered manufactures grid-tied photovoltaic inverters. It will continue to operate under its current management team and will also continue to sell its products from its Bend facility. The acquisition is estimated to give AE another $40 million to $50 million in revenues per year.

Under the agreements, AE will pay PV Powered $50 million at closing in the form of $35 million in cash and $15 million in AE stock. The remaining $40 million is potential income based on PV Powered’s full year 2010 financial results.

AE was founded in 1981 with the purpose of developing technologies for solar power and other energy generating needs.