ESGEN is to merge with Florida-based Sunergy. Credit: Nuno Marques/Unsplash.

Sunergy Renewables, a Florida-based residential solar company, is set to list on the Nasdaq Stock Exchange via a merger with special purpose acquisition company ESGEN Acquisition.

The deal values the combined business at $475m and is expected to generate proceeds of up to $65m.

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The boards of both companies have unanimously cleared the deal, which is expected to close in the fourth quarter of 2023. The board of the merged entity will include representatives from both companies.

Sunergy Renewables was established in 2005 in New Port Richey, Florida, and sells solar and battery energy storage systems to residential consumers.

Its expansion will focus on specific geographic areas with “attractive” solar and distributed energy features and with “less saturation from competing solutions”.

Its markets include Florida, Texas and Arkansas.

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The company earned nearly $123m in revenues in 2022 – around $11m before interest, taxes, depreciation and amortisation – and performed around 2,400 installations.

Sunergy CEO and co-founder Tim Bridgewater said: “The partnership we announced with ESGEN today is expected to enable Sunergy to continue to pursue our strategy in the residential solar market, bringing enhanced cost savings, reliability and energy independence to our customers.

“We believe this combination represents a transformative step on our path to grow as a vertically integrated company. The proceeds from the transaction will help Sunergy scale more rapidly to meet the current demand we are seeing from our customers, who desire to reduce high energy bills and contribute to a sustainable future.”