Dive Brief:
- Opterra Energy Services has closed its acquisition of Massachusetts-based energy services company Noresco from Carrier Global Corp., the company announced Monday.
- Noresco focuses on energy service solutions to higher education campuses and the federal government. Opterra, a subsidiary of energy generation company LS Power, said the acquisition will bring together the expertise of 750 energy professionals.
- The combined company will focus on educational institutions, local government, commercial and industrial organizations and federal facilities that are trying to meet complex energy, water and infrastructure challenges, Opterra said in a release.
Dive Insight:
Opterra works with organizations on energy conservation, renewable energy, water conservation, resiliency and infrastructure modernization projects.
Rising use of microgrids, distributed energy resources, battery storage and advanced energy management systems have increased organizations’ need for infrastructure modernization projects, Opterra CEO Courtney Jenkins said in a statement.
In March, Noresco worked on the $104-million upgrade of the FBI Quantico complex in Virginia, which included upgrading a chiller plant and modernizing on-site backup power generation. Last August, the company won a $100 million upgrade contract for the Detroit Great Lakes Water Authority that spanned resilience improvements and equipment rehabilitation.
As a combined company, Opterra and Noresco have contracts servicing 19,000 facilities, including 880 megawatts of installed distributed generation and $8 billion in customer energy savings, according to Opterra. The companies plan to offer an expanded portfolio of technical assistance that includes sustainability consulting and across a broader geographic area, Opterra said.
“This change enables us to deliver greater value for our customers and expand our market presence,” noted Noresco President and CEO Troy Walters. “By bringing together NORESCO and OPTERRA, we are expanding our ability to address complex energy and infrastructure challenges with integrated solutions, additional resources, and broader capabilities.”
When it announced the deal last week, Carrier said selling Noresco would enable it to focus on its HVAC and refrigeration products. “Portfolio simplification [allows] us to remain laser-focused on growth and innovation within our core businesses," said Carrier Chairman and CEO David Gitlin.
