Schneider buys Renewable Choice Energy to tap into clean energy sector
Global energy management firm Schneider Electric has acquired Renewable Choice Energy in a deal announced Wednesday morning
Global energy management firm Schneider Electric has acquired Renewable Choice Energy in a deal announced Wednesday morning.
Schneider will integrate Boulder, Colo-based Renewable Choice Energy into its Energy & Sustainability Services team, according to the report. RCE is a global provider of clean energy services and products to the commercial, industrial and institutional sector, with clients having added more than 1,000 MW of new wind and solar capacity to their portfolios.
Schneider’s release promoted the acquisition as bolstering the French-based company’s position in the renewables market and also strengthening its advisory services for power purchase agreements (PPA) that clients use to procure clean energy.
“As clean energy reaches price parity with traditional energy, companies are taking aggressive steps to integrate renewables. We are seeing tremendous demand from clients to source a mix of green energy at a competitive rate,” Steve Wilhite, senior vice president of Energy and Sustainability Services, Schneider Electric, said in a statement. “Together, Schneider and Renewable Choice are the clear industry leader for clients looking to diversify their overall energy strategy, while providing critical sustainability and risk mitigation benefits via clean energy solutions.”
No financial details were released about the acquisition. RCE has worked with more than 160 Fortune 500 companies on connecting them to renewable energy technologies since 2001, according to the release.
“We will continue to work with clients to buy clean energy more strategically, and with Schneider Electric’s additional capabilities, we can also help clients use that energy more efficiently, and become more sustainable anywhere around the globe,” Pete Dignan, CEO of RCE, said.
Schneider Electric has customers in more than 100 countries and employs more than 160,000 people worldwide. The company generated annual revenue of close to 27 billion Euros (nearly $29 billion US) in 2015.