Solar installer Catalyze acquires L.A.-based panel installer

BOULDER and LOS ANGELES — Catalyze Holdings LLC has acquired PermaCity Corp., marking its second acquisition in the span of a month.

In a statement, Boulder-based Catalyze said the deal adds 400 megawatts worth of projects in California to its construction pipeline over the next several years. It also plans to use proprietary PermaCity designs to mount more solar panels on rooftops.

The company now claims that it is on track to deliver more than two gigawatts worth of electricity in new projects to contracted customers.

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Financial terms of the deal were not disclosed.

Catalyze develops, constructs and operates solar generation and storage systems on behalf of commercial and industrial clients. It recently acquired two community solar projects in upstate New York in mid-March as part of a larger strategy to acquire solar installers across the country.

“The highly-fragmented (commercial and industrial) solar industry is ripe for consolidation and efficiency gains,” Catalyze vice president of corporate development Kenton Harder said in a prepared statement.

Catalyze is mainly backed by Yorktown Partners LLC and EnCap Investments L.P., a pair of private-equity firms that focus on the energy industry.