Florida-based commercial solar contractor Advanced Green Technologies (AGT) announced that its parent company, Advanced Roofing Inc., has acquired Davie, Florida-based electrical contractor MSC Electric Inc.
“Adding MSC’s proven talent to our team enables us be a single, cost-effective source for commercial clients who’ve committed to meet aggressive renewable energy goals,” said Clint Sockman, vice president of both AGT and Advanced Roofing. Terms of the acquisition were not disclosed.
Founded in 2001 by Michael Cervone, MSC Electric is a longtime subcontractor for AGT on major solar energy projects. Cervone will serve as AGT’s electrical division manager overseeing all electrical functions, from design through installation, for solar rooftop, solar farm and solar carport solutions.
“As more Fortune 500 and other high-profile companies commit to be carbon neutral by 2025 or 2030, their need to produce enough renewable energy is pushing demand for commercial solar energy to record levels in Florida,” said Sockman. “Once corporations adopt policies to reduce their sizeable carbon footprints, the clock is running. They must consider all alternatives based on their real estate portfolios, and we find rooftop solar arrays and solar carports are always under discussion.”
Sockman expects Advanced Roofing’s revenues, which topped $95 million in 2018, to continue growing this year, fueled in part by the rise in solar energy demand. “The vision of corporate America is clear. They need to quickly find ways to produce more renewable energy,” he said. “Fortunately, the economics of solar energy have never been better.”
Availability of federal tax credits for 30% of commercial solar energy installations’ costs until year-end 2019 is boosting corporate clients’ sense of urgency, Sockman said. “Our pipeline is seeing significant growth as more companies realize they can access tax credits by spending at least 5% of a project’s estimated costs by year-end,” he added.
Acquiring MSC Electric is the latest vertical integration step for AGT and Advanced Roofing, a diversified corporation whose additional Florida licenses include Roofing Contractor, General Contractor, Solar Contractor and Air Conditioning Contractor.
News item from AGT