Enphase Energy to Acquire DIN Engineering Services’ Solar Design Business
The deal will help Enphase provide drawings and permit plan sets to residential solar installers
February 15, 2021
Enphase Energy, a U.S.-based energy technology company, has said it is acquiring DIN Engineering Services’ Solar Design Services business.
The acquisition will be closed by March 31, 2021.
DIN Engineering Services is based in Noida, Uttar Pradesh and provides multi-platform engineering design and services. Its Solar Design Services business provides outsourced proposal drawings and permit packages for residential solar systems.
Through this acquisition, Enphase will be able to provide proposal drawings and permit plan sets for residential solar installers, enhance automation and consumer services, and facilitate and enhance the end-to-end sales process for its consumers.
Jeff McNeil, Chief Operating Officer of Enphase Energy, said, “We are pleased to join forces with the solar design services business to be acquired from DIN Engineering Services. We look forward to welcoming DIN’s current installers to Enphase upon close. We believe DIN’s proposal and permit plan services will benefit Enphase’s installers by enabling them to better utilize their limited resources to focus on other key areas of their business.”
Anuj Gupta, Chief Executive Officer of DIN Engineering Services, said, “We expect to bring our expertise to Enphase’s installers by providing quick, accurate, and cost-effective services, enabling them to focus on their core advantage of selling and installing solar and storage systems.”
Enphase Energy said it provides easy-to-use solutions that manage solar generation, storage, and communication on one platform. It has deployed around 1.3 million Enphase-based systems and shipped 30 million microinverters in over 130 countries worldwide.
Recently, Enphase Energy announced the closing of its acquisition of Sofdesk. Sofdesk provides an integrated software platform that helps simplify and enhance the end-to-end sales process across the residential solar industry.
According to Mercom’s 2020 Q4 and Annual Solar Funding and M&A Report, 62 merger and acquisition deals were transacted in the solar sector in 2020 compared to 65 in 2019. Most of the transactions involved solar downstream companies. The largest transaction in 2020 was Sunrun’s acquisition of Vivint Solar for $3.2 billion.
According to Mercom Research, in June 2018, Enphase Energy signed an agreement to acquire SunPower’s microinverter business for $25million in cash and 7.5 million shares of Enphase common stock for a total deal value of $60 million.
Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.