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PPL Corp. Acquires Solar Energy Provider

Provides Entry For Parent of Pa. Utility To Expand Product Offerings, Gain Additional Experience With New Tech. Shaping Future Of Energy

Hires Storage, Renewable Energy Vet To Lead Distributed Energy Push

June 1, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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PPL Corporation announced on May 31 that it had acquired Safari Energy LLC, described as a leading provider of solar energy solutions for commercial customers in the U.S.

"The Safari Energy acquisition offers PPL an attractive, low-risk opportunity to help advance a cleaner energy future; to support the growth of distributed energy resources, including energy storage; and to gain additional experience with technologies that will play a bigger role in shaping the future energy grid," said William H. Spence, chairman, president and chief executive officer of PPL Corporation.

"However, even as it provides these benefits, the acquisition will not alter PPL's core business strategy," Spence said. "PPL's primary investment focus and engine for growth remains our high-performing, award-winning regulated utilities."

Safari Energy develops turnkey solutions to its clients, managing projects through all phases of development, from inception to financing, design, engineering, permitting, construction, interconnection and asset management. Headquartered in New York City, Safari Energy has completed over 200 solar projects in 19 states, with over 80 projects underway.

"PPL's acquisition of Safari will support our continued growth and allow us to expand our offerings to better serve our customers," said Matt Rudey, chief executive officer, Safari Energy.

PPL has hired industry veteran Vijay P. Singh to lead PPL's involvement in the evolving distributed energy resource space and to complement the Safari Energy team. Singh previously served as executive director of Renewable Energy Development and Energy Storage for NextEra Energy Resources.

Terms of the Safari Energy transaction were not disclosed. The company said the purchase price is not material to PPL. While PPL expects the transaction to be earnings and credit accretive immediately, the company does not expect Safari Energy to contribute meaningfully to PPL's earnings per share through the company's current forecast period, which extends through 2020.

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