Dubai, UAE-based investor Adenium Energy Capital is to acquire Bright Power Group's pipeline of solar power projects, giving it an in-road into the Canadian market.
The portfolio of projects has been built up over the last three years and Bright Power's owner Jeremy Crane will be joining Adenium as chief operating officer.
Adenium's chairman, Safwan Kuzbari, said, 'Crane has over a decade of experience in the development, construction and financing of renewable energy projects, particularly in the wind and solar industries.
The appointment of [him] as chief operating officer will strengthen Adenium's team to identify and secure yielding renewable energy projects and investment opportunities for our investors.'
Launched in early 2010 as an investment company specialising in the development of clean power projects, Adenium is now looking to build a diversified global portfolio of clean energy assets with an initial focus on the European, Middle Eastern and North American solar markets.
In November 2012, the firm brought in Wassef Sawaf as CEO, who previously headed up Kazareen Textile Company's (KTC) North-American and Asian Operations.
KTC is an apparel and home textiles company supplying the largest retailers and distributors in North America and Europe.
Sawaf said about this latest deal, 'The pipeline of solar projects consists of strong North American opportunities that will form the foundation of Adenium's growth in the region.'