California-based Solar Depot, Inc., a wholesale distributor and systems integrator of solar PV and thermal systems, has agreed to be acquired by Japan’s ITOCHU International Inc.
ITOCHU, a diverse global trading company with $22 billion in annual revenues, recently established a solar division. Its Machinery Group has been supplying solar module manufacturing equipment globally for several years.
Solar Depot has been operating for 28 years. Headquartered in Petaluma, CA, it has full-service branches in Sacramento and Corona, CA. Its business is mostly in California, where it has a strong market share the residential market.
ITOCHU plans to aggressively market Solar Depot’s business across the US. ITOCHU’s target is to have a $1 billion solar business globally by 2010.
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