Private equity firm RM Capital Partners (RMC) has acquired Integrated Solar Operations (ISO Solar) for an undisclosed sum in Puerto Rico.
ISO Solar offers solar energy solutions to a varied clientele including residential, commercial and governmental sectors.
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Founded in 2013, ISO Solar provides a wide array of services such as solar engineering, design, installation, repair and maintenance.
The company has more than 6,000 customers throughout the region.
RMC’s growth strategy is designed to leverage ISO Solar’s strengths to meet the rising demand for energy resilience and security.
This initiative comes in response to persistent issues associated with Puerto Rico’s unreliable and poorly maintained electrical grid, the company said.
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By GlobalDataDespite substantial federal funding aimed at reconstructing Puerto Rico’s energy infrastructure following Hurricane Maria in 2017, the frequency of power outages and electricity costs has continued to rise.
This situation has led many residents to explore alternative energy options.
ISO Solar is strategically positioned to address this demand through its commitment to technological advancements and operational excellence.
ISO Solar founder Ralph Diaz said: “We specifically chose to partner with RMC due to its invaluable expertise spanning solar, project finance and renewable energy, while also understanding the importance of our employees and team culture as driving forces of ISO Solar’s success.
“We are confident solar will power Puerto Rico’s future, and RMC will help us achieve our goal of providing access to clean, reliable and affordable energy to all Puerto Ricans.”
As RMC and ISO Solar embark on this new phase, Diaz will continue to serve on the board to ensure a seamless transition to the new CEO, Francisco González Ohárriz.
Ohárriz brings more than ten years of expertise in solar energy and business development to his new position.
RMC managing partner Ruslan Matveyev said: “Ralph and his team have built a truly best-in-class business.
“We are excited to expand on ISO Solar’s tremendous accomplishments by leveraging the company’s reputation, relationships, and capabilities, while further investing in people, products, services and infrastructure to capture an outsized share of the surging demand for alternative energy solutions in Puerto Rico.
“We are proud to partner with ISO Solar and look forward to supporting the next chapter of its growth and value creation.”
