ICP Solar announces its intention to acquire Ibersolar Energía

ICP Solar Technologies Inc., a Canadian developer and manufacturer of solar panels today announced that it has entered into a binding Letter of Intent to acquire Ibersolar Energia, S.A., a leading Spanish manufacturer and supplier of solar photovoltaic systems, solar thermal systems, and absorption units. Ibersolar has annual sales of approximately 120 million euros ($ 156.8 million) and has been profitable since 2005.

“I am extremely pleased to announce the most important strategic decision in our company’s history,” said Sass Peress, Chairman and CEO of ICP Solar. “By acquiring Ibersolar, ICP will see a twenty-fold increase in the size of its business and automatically become a recognized player in the burgeoning European market. Ibersolar brings with it excellent solar applications, established R&D, strong supplier relationships, and a substantial customer base that spans commercial, industrial, and government entities across the continent.

Ibersolar Energia offers a wide range of PV modules, grid-connected and off-grid inverters, mounting systems, solar trackers and monitoring equipment, as well as complete solar thermal systems, including high performance collectors, solar boilers, controllers, and thermal siphons. The company has developed a roof system which integrates flexible amorphous silicon modules with waterproof membrane solutions, providing impermeability in a roof while achieving maximum energy production from the photovoltaic modules.

ICP markets its products under its Sunsei brand and is based in Montreal, Canada, with additional locations in the USA, Ireland, France and the UK. Ibersolar is based in Barcelona and has subsidiaries in Italy, Portugal, Slovenia and Miami.

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