Babcock & Wilcox Enterprises, Inc. [NYSE: BW] disclosed that it has finalized the purchase of Fosler Construction Company Inc. The firm has acquired the majority stake in Fosler Construction Company. After the acquisition, Fosler will be part of the B&W Renewable segment and work under the name Fosler Solar, a Babcock & Wilcox company.
Since Fosler’s inception in 1998, it has hired nearly 120 people. Fosler Solar offers commercial, industrial, and utility-scale solar services and owns two community solar projects currently under development in Illinois. It has been clarified by BW that Paul Fosler will continue to handle Fosler Solar as its CEO and holds a minority stake in the business.
This acquisition will be beneficial for B&W as Fosler Solar will play an important role in the development of B&W’s renewable energy business and the significant opportunities B&W witnesses in the market for solar installation and construction services in the U.S. Fosler Solar has earned a reputation as one of the fastest-growing solar services firms in the country. B&W is planning to fully back the firm and help speeding up growth.