Solaris Energy Infrastructure announced that it has acquired Global Energy Services Alliance, a full-cycle power generation service provider. The transaction was funded through about $55 million in cash consideration and the issuance of approximately three million Class A Solaris shares.
GESA was formed through the combination of Baseload Power and Pro-Per Energy Services. Baseload is a U.S.-based provider of power generation aftermarket solutions, while Pro-Per Energy Services provides power plant installation, operations, and maintenance services globally.
Solaris said the acquisition strengthens and scales its in-house end-to-end power capabilities. The deal expands the company’s ability to deliver full-cycle power solutions, including front-end plant installation and commissioning services, long-term operations, and life-of-asset repair and maintenance.
The acquisition also deepens Solaris’ technical talent bench. Baseload and Pro-Per bring decades of experience across power operations, maintenance, installation, commissioning, and repair.
The combined capabilities span a broad range of installed generator and turbine classes. These include aeroderivative, industrial, heavy-duty, hydroelectric, and steam systems.
Solaris said the expanded technical bench will strengthen its ability to deliver turnkey power solutions at scale. The company also expects the deal to help meet growing customer demand and support additional third-party customers across the global power industry.
The acquisition introduces new growth end markets for Solaris. Baseload’s U.S.-based aftermarket, installation, and commissioning services, combined with Pro-Per’s international operations and maintenance experience, expand Solaris’ domestic and international third-party power generation services.
Solaris said these capabilities apply across power generation installations of multiple sizes. This includes grid-connected, co-located across-the-meter, and behind-the-meter power installations.
The acquisition is expected to be accretive to earnings and free cash flow per share. Solaris said the deal supports its strategy of becoming a recognized full-service power provider.
Solaris Energy Infrastructure delivers power generation and distribution solutions, along with logistics equipment and services. The company serves customers in the data center, energy, and other commercial and industrial sectors.
KEY QUOTE:
“As we look forward at growing market needs, the GESA acquisition is another key step in establishing Solaris as a recognized full service power provider. Having the people, talent, and capabilities to deliver essential services across multiple stages of critical power needs strengthens our ability to expand and to continue delivering our turnkey and O&M services to maximize the value we create for customers and for all Solaris stakeholders over full project lifecycles.”
“Combining GESA’s capabilities with Solaris’ proven track record of executing large-scale power projects also facilitates our access to new end markets and customer segments. We continue to see a significant runway for growth not only domestically, but also globally as power infrastructure investment accelerates at a rapid pace. We’re thrilled to welcome the GESA team to Solaris and excited about the strength of the combined company and exciting opportunities we see for growth.”
Bill Zartler, Chairman and Co-CEO of Solaris Energy Infrastructure, and Amanda Brock, Co-CEO of Solaris Energy Infrastructure
