California’s 174 Power Global, a solar energy company owned by the Hanwha Group, has acquired OnForce Solar, a vertically integrated New York–based commercial solar development firm and community solar business.
OnForce Solar will become part of newly formed entity, 174 Power Global Northeast.
The transaction marks 174 Power Global’s second new retail business acquisition this year, following its efforts to expand its presence in the retail energy and commercial and industrial project development markets. In June, the Irvine, Calif.–based company launched Chariot Energy, a Houston-based retail energy provider.
Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts of power purchase agreements and has more than 6 gigawatts of additional projects in its development pipeline.
OnForce Solar currently serves New Jersey and New York, among the most active community solar states, according to the company. 174 Power Global plans to scale the business across the Northeast and expand to other parts of the country.
“The Northeast market is a key geography in our growth strategy, and this acquisition allows us to provide solutions in the underserved midscale commercial solar market, while making community solar more available to home and business owners,” said Henry Yun, president of 174 Power Global.
