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OpTerra Energy Group Aquires Aircon Energy

Source: www.gulfoilandgas.com 11/22/2010, Location: North America

OpTerra Energy Group, a newly formed, best in class energy service company (ESCO), has acquired Aircon Energy, a comprehensive energy services company serving the California market. Terms of the deal were not disclosed.

Aircon Energy is a 36-year-old company based in Sacramento, CA that designs and constructs energy efficiency and renewable energy projects for large facilities of public and private sector customers. Aircon has significant experience implementing energy conservation and generation solutions for cities, counties and school districts in California and surrounding states. Aircon also assists clients in securing utility rebates, grants, and third-party project financing to further enhance the value of its projects.

OpTerra was established to become a leading national ESCO offering a comprehensive array of energy conservation services and technologies to public and private sector customers. OpTerra is backed by the GFI Energy Group of Oaktree Capital Management.

"We are pleased to join OpTerra’s growing portfolio of regional ESCOs”, said Don Rasberry, Aircon Energy president. “Access to OpTerra’s operating platform will help us accelerate our growth and expand our service offerings. The financial backing of Oaktree-managed funds will allow us to implement the larger projects our customers are increasingly demanding.”

“The Aircon team is an excellent fit for the OpTerra platform, and this transaction will enable them to expand their high quality coverage of California’s growing market for energy services", said Raouf Abdel, OpTerra CEO. “OpTerra is rolling out a comprehensive set of service capabilities over a national footprint to provide energy efficiency and clean energy solutions to public and private sector customers.”

"The GFI Energy Group of Oaktree Capital Management seeks to work with market leading companies and world class management teams in the energy industry" said Ian Schapiro, head of the GFI Energy Group. "We view OpTerra as an exciting platform to create value through the consolidation of top-quality regional players in the ESCO sector, and we are very enthusiastic about OpTerra’s acquisition of Aircon."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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