Koch Engineered Solutions (KES), a unit of Koch Industries, has acquired utility-scale solar EPC and O&M provider DEPCOM Power.
A recently completed DEPCOM Power project in Virginia
“The acquisition of DEPCOM is a milestone for KES, adding expertise in renewable electricity generation to our extensive knowledge and capability set provided to our global client base,” said Don Brown, vice president of business development at KES. “DEPCOM has recorded impressive growth over the last few years, and this acquisition reflects our confidence that the company will be a major player in the future of this industry. We look forward to supporting developers and operators of renewable generation facilities in providing end users with increased access to cost-effective and reliable energy.”
DEPCOM’s solar portfolio includes approximately 5 GW of projects representing completed, in-construction and preconstruction stages across the United States.
“This acquisition is a major development for KES, as DEPCOM will enable our entry into the fast-growing renewables market, reinforcing our commitment to the electrical infrastructure market segment,” added Dave Dotson, president of KES. “The DEPCOM acquisition is consistent with KES’s vision to deliver innovative, mutually beneficial technical and service solutions for industrial value chains while simultaneously transforming our business to improve and create new industry platforms. Through our complementary capabilities, we can offer greater opportunities for our customers who are seeking solutions in this increasingly important and competitive space.”
Johnnie Taul, CEO of DEPCOM, said: “By joining KES, we are combining forces and shared values, and leveraging robust capabilities and knowledge centers that will accelerate our ability to enhance our existing services and expand our offerings into new service lines and markets. Together, we will further our mission to be the solutions provider of choice for our customers in the energy industry.”
The DEPCOM Power name will stay. Stinson LLP served as legal advisor to KES on the transaction, while Greenberg Traurig LLP served as legal advisor to DEPCOM.
News item from DEPCOM
““The DEPCOM acquisition is consistent with KES’s vision to deliver innovative, mutually beneficial technical and service solutions for industrial value chains while simultaneously transforming our business to improve and create new industry platforms. Through our complementary capabilities, we can offer greater opportunities for our customers who are seeking solutions in this increasingly important and competitive space.””
Koch Industries, get a lot of press on their “big oil” agenda and yet like big oil itself, Shell, BP, Total, are now buying into alternative energy technology to form some footing in the alternative energy industry. It has apparently dawned on Koch Industries that they could use the EPC position of DEPCOM to build large solar PV farms and wind farms, with energy storage and long term PPAs with industry energy users, they can leverage their own generation assets into a revenue stream for decades. States like Ohio could become a wind farm, Energy storage Mecca for DEPCOM.