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Vancouver investor to gain from sale of PV Powered

Published: March 24, 2010, 12:00am

By Libby Tucker

Columbian staff writer

Vancouver investment group Evans Renewable Holdings II LLC on Wednesday agreed to sell its majority share of PV Powered in Bend, Ore., as part of a $90 million cash-and-stock deal with a Colorado solar company.

Evans Renewable Holdings, led by the principals of JH Kelly in Vancouver, were seed investors in PV Powered when the company got its start in 2003 designing solar inverters used in commercial-rooftop and ground-mount solar power systems. Evans increased its stake in 2009 to $10 million with a capital infusion that brought its share to more than 75 percent.

Fort Collins-based Advanced Energy Industries Inc. on Wednesday announced a definitive agreement to buy PV Powered for $35 million in cash and $15 million in Advanced Energy stock, to be paid at closing in four to six weeks. The deal could also include up to an additional $40 million to be paid by January 2011 based on PV Powered’s full-year 2010 financial results.