PPL Corp. acquired New York-based solar energy solutions provider Safari Energy LLC for an undisclosed amount, the company announced May 31.
Safari Energy provides solutions to its client by managing projects through all phases of development, from inception to financing, design, engineering, permitting, construction, interconnection and asset management. The company has completed over 200 solar projects in 19 states and has more than 80 projects underway.
"The Safari Energy acquisition offers PPL an attractive, low-risk opportunity to help advance a cleaner energy future; to support the growth of distributed energy resources, including energy storage; and to gain additional experience with technologies that will play a bigger role in shaping the future energy grid," PPL Chairman, President and CEO William Spence said.
PPL assigned industry veteran Vijay Singh to spearhead the company's distributed energy resource involvement and to complement the Safari Energy team. Singh was previously the executive director of renewable energy development and energy storage for NextEra Energy Inc.
PPL expects the Safari Energy acquisition to be earnings and credit accretive immediately but not to meaningfully contribute to its earnings per share through 2020.
